WASHINGTON: U.S. consumer spending increased for a second straight month in June, setting up consumption for a rebound in the third quarter, though the recovery could be limited by a resurgence in COVID-19 cases and the end of expanded unemployment benefits.
The data was included in Thursday's advance gross domestic product report for the second quarter, which showed the economy shrinking at a record 32.9per cent annualized rate as consumer spending tanked at a historic 34.6per cent pace. But the explosion of COVID-19 infections, especially in the densely populated South and West regions where authorities in hard-hit areas are closing businesses again and pausing reopenings, is casting doubt on the magnitude of the expected surge in third-quarter consumer spending.
In June, consumer spending was boosted by a 6.4per cent rise in purchases of goods. Outlays on services increased 5.2per cent.
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