WASHINGTON: US consumer spending barely rose in July, but inflation eased considerably, which could give the Federal Reserve room to scale back its aggressive interest rate increases, according to Reuters.
Consumer spending, which accounts for more than two-thirds of US economic activity, edged up 0.1 percent last month, the Commerce Department said on Friday. Data for June was revised slightly down to show outlays advancing 1.0 percent instead of 1.1 percent as previously reported.
Economists polled by Reuters had forecast consumer spending would gain 0.4 percent.
"Tom the Young Farmer" tells BBC Radio Shropshire how it's important to check in on…
Reports from the ground point to widespread damage to homes and civilian buildings, with search…
Agencies report that mass returns from Iran and Pakistan, combined with shrinking humanitarian assistance, the…
Egypt's cabinet has confirmed that a drone attack caused the fire that broke out on…
UK holidaymakers are being warned about a nasty infectious disease called cyclosporiasis that can cause…
The UK Foreign Office says his case has been raised with the Saudi authorities.Its current…