Consumer spending increases strongly; inflation rising
(Worthy News) – U.S. consumer spending increased solidly in July, pointing to strong economic growth early in the third quarter, while a measure of underlying inflation hit the Federal Reserve’s 2 percent target for the third time this year.
The Commerce Department said on Thursday consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.4 percent last month after advancing by the same margin in June.
Households spent more at restaurants and on accommodation last month. There was also an increase in spending on prescription medication. Economists polled by Reuters had forecast consumer spending rising 0.4 percent in July. [ Source: CNBC (Read More…) ]
💡 Did you know? One of the best ways you can support Worthy News is by simply leaving a comment and sharing this article.
📢 Social media algorithms push content further when there’s more engagement — so every 👍 like, 💬 comment, and 🔄 share helps more people discover the truth. 🙌