U.S. consumer spending increased for a fourth straight month in July amid strong demand for automobiles, pointing to a pickup in economic growth that could pave the way for the Federal Reserve to raise interest rates this year. The Commerce Department said on Monday that consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.3 percent last month after a 0.5 percent gain in June. July's increase was in line with economists' expectations. When adjusted for inflation, consumer spending also rose 0.3 percent in July after advancing 0.4 percent in June. Consumer spending appears to ... (full story)