US customers kept spending in July, at the same time as inflation remained elevated that month, new information confirmed Friday.
Consumer spending rose 0.5% from June, in response to Commerce Department information launched Friday. That’s barely beneath expectations for a 0.6% bump, in response to FactSet consensus estimates.
The Personal Consumption Expenditures value index — the inflation gauge the Federal Reserve makes use of for its 2% goal charge — rose 0.2% on a month-to-month foundation, which kept the annual charge at 2.6%.
Economists have been anticipating inflation to rise 0.2% from June and maintain pat at 2.6% yearly.
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