Consumer spending rises in July (BUT DISAPPOINTS)

``The Commerce Department said on Friday consumer spending increased 0.3 percent after an upwardly revised 0.3 percent rise in June. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, was previously reported to have gained 0.2 percent in June.'' -- Of course inflation being "muted", upon which these figures depend, is pretty much a joke. Here's the ZeroHedge counter-spin version of this news.