Consumer Spending Climbs 0.4% in July
Monday, August 30, 2021 9:21 AM

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U.S. consumer spending rose in July at the strongest pace in four months, helped by a rebound in auto sales, government data showed Monday. However, personal income came in less than expected, suggesting that the US economic recovery remains tepid.

The Commerce Department reported Monday that US consumer spending, which accounts for nearly two third of the economy, rose 0.4% in July. Personal income increased 0.2% last month. Economists expect income to rise 0.2% and spending to increase 0.3%.

The report also showed that personal savings rate decreased to 5.9 percent in July from 6.2 percent in prior month.

Consumer prices, as measured by the personal consumption expenditure price index, increased 0.2% in July. Core consumer prices - which exclude volatile food and energy prices - climbed 0.1% last month.

 

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