US consumer spending up a solid 0.4 percent in July
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August 31, 2018
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 201...
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