Economy

US consumer spending misses expectation in July; inflation slows

Follow-ups -eshrag News:

Fri, 2022-08-26 15:52

WASHINGTON: US consumer spending barely rose in July, but inflation eased considerably, which could give the Federal Reserve room to scale back its aggressive interest rate increases, according to Reuters.

Consumer spending, which accounts for more than two-thirds of US economic activity, edged up 0.1 percent last month, the Commerce Department said on Friday. Data for June was revised slightly down to show outlays advancing 1.0 percent instead of 1.1 percent as previously reported.

Economists polled by Reuters had forecast consumer spending would gain 0.4 percent.

Main category: 
Business & Economy

Noting that the news was copied from another site and all rights reserved to the original source.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button