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Tags: GOV; | INDUSTRIES; | NORTHAM; | RET; | TOP; | US; | WORLD;

U.S. Personal Spending Growth Moderates, While Price Index Rises

Friday, 27 August 2021 08:55 AM

(Bloomberg) -- U.S. personal spending growth moderated in July, reflecting a slowdown in outlays for merchandise, while a closely watched measure of inflation remained elevated. 

Purchases of goods and services rose 0.3% following a revised 1.1% increase in June, Commerce Department figures showed Friday. The personal consumption expenditures price gauge, which the Federal Reserve uses for its inflation target, climbed 0.4% from a month earlier and 4.2% from a year ago.

The median estimates in a Bloomberg survey of economists called for 0.4% increases in both outlays and the price index from a month earlier. 

After adjusting for the change in prices, household demand was more muted, suggesting a softer start to third quarter household outlays, a key component of gross domestic product. Real personal spending fell 0.1% in July. 

 

More stories like this are available on bloomberg.com

©2021 Bloomberg L.P.

© Copyright 2021 Bloomberg News. All rights reserved.


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Friday, 27 August 2021 08:55 AM
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