US personal consumption spending rose more than expected in July

US personal consumption spending rose 0.8 percent in July, above expectations.

The US Department of Commerce released data on personal income and consumer spending for July.

Consequently, personal income in the country increased by 0.2 percent in July compared to the previous month.

Market expectations were that personal income would rise 0.3 percent during this period.

The increase in personal income for Americans was 0.3 percent in June.

PERSONAL CONSUMPTION EXPENDITURE

Personal consumption spending, on the other hand, rose 0.8 percent monthly in July, above expectations.

Market expectations were that personal consumption spending would rise 0.7 percent in this period.

Personal consumption spending rose 0.5 percent in June.

The personal consumption expenditures price index, on the other hand, rose 0.2 percent on a month and 3.3 percent on a yearly basis in July.

The basic personal consumption expenditures price index, which excludes food and energy items, which the US Federal Reserve considers indicators of inflation, rose 0.2 percent on a month and 4.2 percent on a yearly basis. same period.