Consumer spending rose 0.5% in June in a sign of confidence in the economy as inflation eased again and the U.S. continued to grow.
Incomes advanced 0.3% in June, the government said Friday.Incomes advanced 0.3% in June, the government said Friday.
Key details: Americans bought more trucks last month and spent more on financial advice. They also increased spending on housing, gas utilities and recreation. The so-called PCE price index, the Federal Reserve’s favorite inflation barometer, rose a modest 0.2% in June. And the rate of inflation rose at the slowest pace since September 2021.
Most economists predict spending will slow, however, as rising interest rates take a bigger bite out of the economy. Whether that’s enough to eventually tip the U.S. into recession is far from clear.
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