July consumer spending rose nicely, incomes - not so much

The Commerce Department reported this morning that consumer spending in July climbed 0.6 percent following a 0.3 percent gain in June. The positive numbers might alleviate some anxiety over the threat of impending recession if not for the accompanying income report, which showed a mere rise of 0.1 percent, meaning that consumer pocketbooks may not support sustained spending going into the holiday season.