Personal income in the U.S. jumped in June

According to the Commerce Department, consumer spending in the U.S. was flat in June, while personal income and wages both added 0.5 per cent. The growth of income and wages had direct impact on savings, which rose to 4.4%, the highest level in this year. The main reason why the world's biggest economy expanded only by 1.5 per cent in the second quarter, was weak consumer spending, which drives approximately 70 per cent of economic growth.