PANews August 29 news, according to Jin10 reports, despite ongoing high inflation, U.S. consumer spending in July rose at the fastest pace in four months, showing resilience in demand. The U.S. Bureau of Economic Analysis reported on Friday that inflation-adjusted consumer spending increased by 0.3% month-on-month. Income growth drove the rise in consumer spending, with goods consumption being the main driving force. The core personal consumption expenditures price index, excluding food and energy, rose by 0.3% month-on-month, and the year-on-year increase climbed to 2.9%, reaching the highest level since February.
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U.S. consumer spending remained robust in July, with inflationary pressures persisting stubbornly.
PANews August 29 news, according to Jin10 reports, despite ongoing high inflation, U.S. consumer spending in July rose at the fastest pace in four months, showing resilience in demand. The U.S. Bureau of Economic Analysis reported on Friday that inflation-adjusted consumer spending increased by 0.3% month-on-month. Income growth drove the rise in consumer spending, with goods consumption being the main driving force. The core personal consumption expenditures price index, excluding food and energy, rose by 0.3% month-on-month, and the year-on-year increase climbed to 2.9%, reaching the highest level since February.