US consumer spending grew a solid 0.4 per cent in June FILE – In this Tuesday, Feb. 9, 2016, file photo, shoppers are shown in Miami. The Commerce Department reports on consumer spending in June on Tuesday, Aug. 2, 2016. (AP Photo/Alan Diaz, File) by Martin Crutsinger, The Associated Press Posted Aug 2, 2016 6:37 am MDT Last Updated Aug 2, 2016 at 10:00 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email WASHINGTON – American consumers turned in another strong month of spending in June despite a decline in spending on autos.Consumer spending rose a solid 0.4 per cent in June after an identical increase in May and a 1 per cent surge in April, the Commerce Department said Tuesday. The strength in June came from a surge in spending on nondurable goods, which offset a drop in spending on autos.Personal income grew a moderate 0.2 per cent in June, matching May’s gain.Economists say they think solid gains in hiring will support future growth in consumer spending, which accounts for about 70 per cent of economic growth. The economy expanded at a modest 1.2 per cent annual rate in spring. Analysts say they expect double that growth rate in the second half of 2016.The 1.2 per cent growth in the gross domestic product in the April-June quarter was far below what economists had expected. A strong increase in consumer spending during the quarter was offset by weakness in other areas, including declines in business investment and the restocking of inventories.Economists say they think that both those drags will lessen in the second half of this year and that consumer spending will remain strong. Spending grew at a 4.2 per cent annual rate in the spring, its strongest performance since late 2014.Sal Guatieri, senior economist at BMO Capital Markets, said the strength in June spending showed a solid end to the second quarter that would provide momentum going into the third quarter.“Another decent quarter for consumers, together with renewed inventory building, should anchor a near doubling in real GDP growth” in the current quarter, Guatieri wrote in a research note. He forecast GDP of 2.3 per cent in the current quarter.With spending up in June at a faster pace than incomes grew, the saving rate slipped to 5.3 per cent of after-tax income, down from 5.5 per cent in May. The June figure was the smallest since an identical 5.3 per cent in March 2015.Inflation as measured by a gauge tied to spending increased 0.9 per cent in June, compared with a year ago, while core inflation was up 1.6 per cent. Both gains were below the Federal Reserve’s 2 per cent target for inflation.The Fed left a key interest rate unchanged at its meeting last week but upgraded its assessment of the economy, raising expectations the central bank might hike rates as soon as the next Fed meeting in September. But the weak GDP report on Friday has raised doubts about that timetable, with many analysts now thinking a rate hike will not occur until December.
The new generation of SPECTROLAB OES analysers “delivers the greatest innovation in elemental analysis yet,” says SPECTRO Analytical Instruments. “Stability, flexibility, and analytical functionality combine in a high performance package that is in a class of its own. Available in hybrid PMT/CCD and breakthrough new all-CCD versions, this analyser sets a new standard for process/quality control.“Both the third-generation hybrid and brand-new all-CCD SPECTROLAB models offer excellent optical performance for metals industry applications.“The all-CCD version delivers impressive reproducibility, stability, and speed, along with advantages such as fast, simple iCAL calibration. These make it ideal for time-critical applications such as process control and quality control inspection of incoming/outgoing materials.“The unit’s new Spark Analyzer Pro 64-bit software presents a revolutionary new level of operator interface simplicity. The program includes straightforward, self-explanatory icons and a familiar, ergonomic approach with little learning curve.”SPECTRO has spent more than 30 years developing world leading OES instruments. A host of improvements, enhancements, and groundbreaking technological innovations make its new spectrometer a superior analytical answer for primary metal producers and other critical applications.