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WASHINGTON (AP) — U.S. consumer spending rose a solid 0.4 percent in July, the sixth straight month of healthy gains. At the same time, a key gauge of inflation posted its sharpest annual gain in six years, likely keeping the Federal Reserve on track to keep raising interest rates gradually.
The July spending gain, fueled by strong job growth and tax cuts, followed a similar 0.4 percent rise in June, the government said Thursday. Inflation, as measured by a barometer closely watched by the Fed, rose 2.3 percent for the 12 months that ended in July, the fastest year-over-year increase since 2012.
The article goes on to state the following:
Though the inflation figure exceeded the Fed’s 2 percent target, its officials have said they’re willing to tolerate slightly higher inflation temporarily in light of a six-year period when it fell short of the Fed’s 2 percent goal. They are widely expected to keep gradually raising their benchmark rate, thereby leading to slightly higher rates on many consumer and business loans.
— Bloomberg (@business) August 30, 2018
Consumer confidence is on the rise once again, with August bringing the highest mark seen since October 2000. That’s big news—consumer spending accounts for about 70 percent of all U.S. economic activity.
More from Michael Sheetz in CNBC: https://t.co/764PqZd3lG
— The White House (@WhiteHouse) August 28, 2018
Inflation, as measured by a barometer closely watched by the Fed, rose 2.3 percent for the 12 months that ended in July, the fastest year-over-year increase since 2012. https://t.co/SUCS0A62tM
— PBS NewsHour (@NewsHour) August 30, 2018
— Bloomberg Markets (@markets) August 30, 2018
— Reuters Top News (@Reuters) August 30, 2018
US consumer spending increases strongly; inflation risinghttps://t.co/cgtpYrCwU7
— FOX Business (@FoxBusiness) August 30, 2018
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