Personal Spending Rises by the Most in 8 Years

Consumer personal spending rose in August by the largest amount in almost eight years, while incomes climbed for the second consecutive month, the Commerce Department said Thursday.

The 1.3% spending rise, the highest since October 2001, followed a 0.3% gain in July.

Personal incomes rose 0.2%, the same amount as the previous month.

Economists had forecast a 1.1% increase in spending, after an originally reported 0.2% increase the prior month, Bloomberg reported.

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