Personal Spending Rises 0.2% in July

Consumer personal spending rose 0.2% July, as buyers took advantage of the government’s “cash for clunkers” program to trade in old cars for new ones, the Commerce Department said Friday.

The increase followed a 0.6% gain in June. Incomes were unchanged for the month.

The spending gain matched economists’ forecasts, Bloomberg reported.

An increase in consumer spending could increase demand for new factory goods and the trucking shipments that get them to stores.