Americans’ personal spending increases slightly in June, gov’t reports

The Bureau of Economic Analysis on Friday estimated that Americans spent roughly $58 billion, or 0.3 percent, more in June than they did in May. Americans saw higher prices for goods and services during that same period, but also made slightly more money, according to the report. Americans’ spending increased slightly more from April to May. Between those two months, Americans also saw smaller price increases.

What did Americans spend more money on? The Commerce Department found that they used a large amount of their discretionary spending on services—led by international travel, housing, and utilities. Americans used most of the cash they spent on goods to pay for medications and other medical products, as well as computers. Lower prices for motor vehicle purchases and repairs, as well as gasoline offset price increases in the goods and services sector, the report said.

Dig deeper: Read Addie Offereins’ report in Compassion about the Biden administration’s recent rent control plans, and how they might negatively affect the housing market.