July 31, 2020 / 12:34 PM / 6 days ago

U.S. consumer spending rises for second straight month in June

WASHINGTON, July 31 (Reuters) - U.S. consumer spending increased for 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 Commerce Department said on Friday that consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 5.6% last month after a record 8.5% jump in May as more businesses reopened.

Economists polled by Reuters had forecast consumer spending advancing 5.5% in June. (editing by John Stonestreet)

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