Personal Spending Rises 0.6% in June; Prices Jump

Consumer personal spending rose 0.6% in June as prices soared, the Commerce Department said Monday.

The spending increase followed a 0.8% rise in May. Incomes rose 0.1%, following a 1.8% jump the previous month, Commerce said.

Consumer inflation rose 0.8%, the most in almost three years, the department said.

Economists had forecast a 0.4% rise in spending, Bloomberg reported.

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