U.S. consumer spending barely rose in August, suggesting that the economy's...
WASHINGTON - U.S. consumer spending barely rose in August, suggesting that the economy’s main growth engine was slowing after accelerating sharply in the second quarter.
Data for July was revised slightly down to show consumer spending increasing 0.5% instead of the previously reported 0.6% advance. Economists polled by Reuters had forecast consumer spending gaining 0.3% last month. The Federal Reserve last week cut interest rates for the second time this year, citing the ongoing risks to the longest economic expansion on record from the U.S.-China trade war and slowing global growth.
The PCE price index rose 0.2% in July. In the 12 months through August, the PCE price index increased 1.4%, rising by the same margin for a fourth straight month. When adjusted for inflation, consumer spending gained 0.1% in August. This so-called real consumer spending increased 0.3% in July. Consumer spending surged at a 4.6% annualized rate in the second quarter, the fastest pace in 4-1/2 years.
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