However, consumer spending, America’s economic engine, was revised much lower, to a 0.8% annualized rate, according to data released Thursday.
Spending in the second quarter grew at its weakest pace since the first quarter of 2022, when it was flat.
Consumer spending accounts for about 70% of economic output.
The second quarter stretches from April through June, but the Commerce Department releases consumer spending figures on a monthly basis.
In July, consumer spending jumped a robust 0.8%, the strongest monthly gain since January, as shoppers spent on concerts, films, toys and recreational equipment.
Persons:
”, Claire Li, Gregory Daco
Organizations:
DC CNN, Commerce, Commerce Department, Moody’s Investors, Moody’s Investors Service
Locations:
Washington, EY