Minneapolis CNN —US inflation may have remained elevated in July, but consumers just wanted to have some fun.
It’s the strongest monthly spending gain since January; however, underlying data indicates this type of activity may be on borrowed time.
The Personal Consumption Expenditures index showed that prices increased 0.2% on a monthly basis and 3.3% annually.
Economists were expecting monthly increases of 0.2% for the headline and core indexes and 3.3% and 4.2%, respectively, for the annual numbers.
Even when adjusted for inflation, spending surged in July, rising by 0.6% from the month before.
Persons:
” Eugenio Alemán, Raymond James, “, ” Gregory Daco, EY, Jerome Powell, ” Powell, Wells, Shannon Seery, Wells Fargo, ” Seery, ” Daco, Powell, Jackson, ”
Organizations:
Minneapolis CNN, New Commerce Department, Federal, Commerce Department, Amazon’s, PCE, CNN, “, of Labor Statistics
Locations:
Minneapolis, Jackson Hole , Wyoming