Consumer spending barely increases in August
Data reflects effects of Hurricane Harvey which weighed on car sales; annual inflation rises at slowest pace since late 2015
Washington
US consumer spending barely rose in August likely as Hurricane Harvey weighed on car sales and annual inflation increased at its slowest pace since late 2015, pointing to moderation in economic growth in the third quarter.
The Commerce Department said on Friday consumer spending, which accounts for more than two-thirds of US economic activity, edged up 0.1 per cent last month also as unseasonably mild temperatures reduced demand for utilities. That followed an unrevised 0.3 per cent increase in July.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Xi tells Blinken US, China should be 'partners, not rivals'
Indonesia’s push for regional economic integration to continue under Prabowo: Vivian Balakrishnan
Outgoing Singapore, Indonesia leaders to hold their final retreat in Bogor on Apr 29
Beijing city to subsidise domestic AI chips, targets self-reliance by 2027
China passes tariff law as tensions with trading partners simmer
Blinken meets Chinese counterpart Wang Yi in Beijing