Consumer spending, which accounts for more than two-thirds of U.S. economic activity, rebounded 1.0% last month after dipping 0.1% in May, the Commerce Department said on Friday.
While spending on goods remains strong, the pace has slowed amid shortages of motor vehicles and some household appliances, whose production has been hampered by tight supplies of semiconductors across the globe. Economists polled by Reuters had forecast consumer spending increasing 0.7% and the core PCE price index surging 3.7% year-on-year. The core PCE price index is the Federal Reserve's preferred inflation measure for its flexible 2% target.
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Source: WSJ - 🏆 98. / 63 Read more »
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Source: latimes - 🏆 11. / 82 Read more »
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Source: MSNBC - 🏆 469. / 51 Read more »
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