U.S. consumer spending increased solidly in July as households bought a range of...
WASHINGTON - U.S. consumer spending increased solidly in July as households bought a range of goods and services, which could further allay financial market fears of a recession, but the strong pace of consumption is unlikely to be sustained amid tepid income gains.
“Even with elevated policy uncertainty and financial market turbulence, the U.S. consumer continues to display great vitality, emboldened by a large savings buffer,” said Lydia Boussour, senior U.S. economist at Oxford Economics in New York. A survey from the University of Michigan on Friday showed its consumer sentiment index in August dropping by the most since December 2012, amid nervousness about the trade tensions.
Fed Chairman Jerome Powell said last week that the economy was in a “favorable place,” but reiterated that the U.S. central bank would “act as appropriate” to keep the economic expansion on track. The Fed lowered its short-term interest rate by 25 basis points last month for the first time since 2008, citing trade tensions and slowing global growth.
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