13:19
U.S. consumer spending remained robust in July, with inflationary pressures persisting stubbornly.
PANews, August 29 - According to Jin10, despite persistently high inflation, U.S. consumer spending in July increased at the fastest pace in four months, demonstrating the resilience of demand. The U.S. Bureau of Economic Analysis reported on Friday that inflation-adjusted consumer spending rose by 0.3% month-over-month. Income growth drove an increase in consumer spending, with goods consumption being the main driving force. The core personal consumption expenditure price index, excluding food and energy, rose 0.3% month-over-month, while the year-over-year increase rose to 2.9%, the highest level since February.