US Consumer Spending Beats Expectations in August, Inflation Rises By Alborsanews

© Reuters. US Consumer Spending Beats Expectations in August, Inflation Rises

Americans increased more than expected in August, but a downward revision of July data kept expectations that economic growth slowed in the third quarter as a resurgence of COVID-19 infections hampered demand for services.

The US Commerce Department said on Friday that consumer spending, which accounts for more than two-thirds of US economic activity, rose 0.8 percent in August, ignoring a drop in auto sales caused by a global shortage of semiconductors, which is crimping auto production.

July data was revised down to show that consumer spending fell 0.1 percent instead of rising 0.3 percent as previously reported.

Economists polled by Reuters had expected consumer spending to increase 0.6 percent in August.

The spending likely received a boost from back-to-school shopping and tax credit payments for children.

On the other hand, inflation maintained its upward trend in August. It increased, which excludes food and energy, 0.3 percent after rising by the same margin in July.

In the 12 months to August, the so-called core PCE price index rose 3.6 percent, similar to the increase in July.

Source: Reuters

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Consumer Spending Beats Expectations August Inflation Rises Alborsanews

 
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