Weak auto demand crimps U.S. consumer spending

U.S. consumer spending in June advanced at its slowest pace in four months as demand for automobiles softened, suggesting the economy lost some momentum at the end of the second quarter. The combination of anemic consumer spending and sluggish manufacturing likely do not change expectations the Federal Reserve will raise interest rates this year, especially with the labor market tightening. "We're not too worried by this (data) as a further improvement in the labor market should suppor