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- U.S. consumer spending up 0.6 percent in July
U.S. consumer spending up 0.6 percent in July
The Commerce
Department reported on Friday that consumer spending in the U.S. rose 0.6
percent m-o-m in July, following an unrevised 0.5 percent m-o-m gain in June.
Economists had forecast the reading to show a 0.5 percent m-o-m growth.
Meanwhile,
consumer income edged up 0.1 percent m-o-m in July, following a revised 0.5
percent m-o-m increase in the previous month (originally a 0.4 percent m-o-m
rise). Economists had forecast a 0.3 percent m-o-m advance.
The July
increase in personal income primarily reflected increases in compensation of
employees and government social benefits to persons, which were partially
offset by a decline in personal interest income.
The personal
consumption expenditures (PCE) price index, excluding the volatile categories
of food and energy, which is the Fed's preferred inflation measure, rose 0.2
percent m-o-m in July, the same pace as in the prior month. Economists had
projected the index would increase 0.2 percent m-o-m.
In the 12 months
through July, the core PCE increased 1.6 percent, the same pace as in the 12
months through June. Economists had forecast a gain of 1.6 percent y-o-y.
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