Consumer spending rose 1 percent for the second straight month in July, outstripping a weaker-than-expected income gain and sending the personal saving rate into negative territory for only the second time on record, a government report said Thursday.
In a separate report, the Labor Department said first-time claims for jobless benefits climbed to 320,000 in the week ended August 27 from an upwardly revised 317,000 the prior week.
And personal income advanced 0.3 percent after a 0.5 percent June increase, the Commerce Department said.
