Consumer spending jumped 0.8% in July, aided by the biggest-selling Amazon Prime Day ever. 'Barbenheimer' and Taylor Swift also lent a hand.
The numbers: Consumer spending jumped 0.8% in July to mark the biggest gain in six months, aided by the biggest-selling Amazon Prime Day ever. The “Barbenheimer” movie blockbusters and massive Taylor Swift concert tour also lent a hand.Incomes rose 0.2% in July, the government said Thursday.
Yet while spending remained fairly strong during the summer, there are signs it’s may be starting to flag. Retailers have posted particularly tepid results in the latest quarter, for instance. They’ve shifted their spending in particular to services such as recreation and travel while devoting less to goods such as computers and home furnishings.
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