US consumer spending slows in July; monthly inflation moderates2 min read 27 Aug 2021, 06:41 PM IST
Consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 0.3% last month, the Commerce Department said on Friday. Data for June was revised up to show spending advancing 1.1% instead of 1.0% as previously reported
U.S. consumer spending slowed in July as shortages of motor vehicles tempered a rise in outlays on in-person services, supporting views that economic growth will moderate in the third quarter amid a resurgence in COVID-19 infections.
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