Inflation Remains High in July, Fueling Rate-Pause Hopes
TL;DR Summary
US consumer spending surged in July, with a 0.8% increase, driven by purchases of restaurants, live shows, toys, games, and recreational equipment. The Federal Reserve's preferred inflation gauge remained high but grew at a rate more in line with the central bank's 2% target. The Personal Consumption Expenditures index showed a monthly price increase of 0.2% and an annual increase of 3.3%. While the data indicates a resilient US consumer and continued economic growth, there are concerns about the sustainability of spending and weakening personal incomes. The upcoming jobs report for August will provide further insight into the state of the economy.
Topics:top-news#consumer-spending#economic-growth#economy#federal-reserve#interest-rates#us-inflation
- The Fed's preferred inflation measure stayed high in July — and consumers are continuing to spend CNN
- Key Fed inflation gauge accelerates to 3.3% in July as high prices persist Fox Business
- Overall P.C.E. Inflation Ticked Up in July The New York Times
- S&P, Dow set for higher open as inflation data boosts rate-pause hopes Reuters
- Fed expected to hold interest rates steady next month By Reuters Investing.com
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