New government data shows U.S. consumer spending in July grew by a lackluster 0.3 percent, a far slower pace than the 1.1 percent pace of growth in the prior month and a sign that the economic recovery may be losing steam in the third quarter as the Delta variant spreads. The Commerce Department said in a release Friday that consumer spending, which accounts for around two-thirds of U.S. economic growth, rose $42.2 billion in July, or a modest 0.3 percent over the month. A separate sentiment gauge from the University of Michigan showed American consumer confidence fell sharply in August. Still, the foundation for the economic recovery appears solid, with the Commerce Department report showing wages rising and a boost in savings, giving American consumers more spending potential to unlock going forward, even as the rise in infections clouds the outlook. “There are clear downside risks to spending if more …