US consumer spending rose slightly in July
Has risen Consumer spending in United State Slightly in the month of July, while declining inflation Significantly, which might give the Federal Reserve room to scale back its largest interest rate increases.
And the US Department of Commerce said that consumer spending, according to what Al Arabiya published, “which represents more than two-thirds of the economic activity of the United States, rose 0.1% last month,” and the June data was slightly revised down to show an increase in spending by 1% instead of 1.1%, as previously reported.
Economists polled by Archyde.com had expected consumer spending to rise 0.4%.
The moderate pace of consumer spending in the second quarter helped ease the burden on the economy from a sharp slowdown from inventory buildup caused by supply chain bottlenecks, while GDP contracted at an annualized rate of 0.6% in the second quarter following contracting 1.6% in the first quarter.
However, the economy is not in a recession and when measured in terms of income, the economy grew at a 1.4 percent pace, slowing from a 1.8 percent rate in the January-March quarter, the government said Thursday.
Bloomberg: US consumer spending rose in June as inflation accelerated
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