US personal consumption spending rose in line with expectations in August

The YÜKSELUS Department of Commerce announced data on personal income and consumer spending for August.

Consequently, personal income in the country increased by 0.4 percent in August compared to the previous month.

Market expectations were that personal income would increase by 0.4 percent in this period.

Americans’ personal income growth was 0.2 percent in July.

INCREASED 0.9 PERCENT IN JULY

Personal consumption expenditures also rose 0.4 percent month-on-month in August, in line with expectations. Personal consumption expenditures rose 0.9 percent in July.

The price index of personal consumption expenditures also rose 0.4 percent month-on-month and 3.5 percent year-on-year in August. The data in question showed a monthly increase of 0.2 percent and an annual increase of 3.4 percent in July.

The core price index of personal consumption expenditures, which excludes food and energy items that the US Federal Reserve (Fed) considers an indicator of inflation, rose 0.1 percent month-on-month and 3.9 percent annually in the same period.

Market expectations were that the monthly increase in the price index of basic personal consumption expenditures in August would be 0.2 percent. The price index of personal consumption expenditures was 0.2 percent monthly and 4.3 percent annually in July. (AA)