Consumer spending slowed in June

Consumer spending slowed in June

The growth in total consumer spending slowed significantly in June amid lingering worries over high unemployment and the effects of the oil spill in the Gulf of Mexico, according to First Data, a payment card processing firm.

First Data’s SpendTrend Report said overall spending growth declined for the third consecutive month, as total dollar volume growth was 6.8 percent in June, compared with 9.2 percent in May. Total transaction growth was 7.3 percent for June, compared with 8.

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