US consumer spending hits yearly high despite inflation
Consumer spending in the United States increased in August at the fastest pace in over a year, rising 0.6% compared to the previous month, despite rising inflation, reflecting ongoing economic strength. The Personal Consumption Expenditures (PCE) index, the Federal Reserve's preferred inflation measure, also saw a 0.3% increase, with an increase of 0.2% excluding food and energy. Despite higher inflation, consumers continued to boost their spending on goods such as cars, furniture, and clothing. The Federal Reserve is closely monitoring inflation costs and spending in anticipation of a potential interest rate hike in October, with expectations that the data will influence the market. The second quarter's economic growth stood at 2.2%, with inflation still elevated above the 2% target.
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