U.S. Consumer Spending Is On The Up

U.S. consumer spending increased by the most in six months in July.

Americans bought more goods and services last month.

Consumer spending, which accounts for more than two-thirds of US economic activity, increased by 0.80 percent.

Data for June was revised upward slightly, showing that spending rose by 0.6 percent, instead of 0.50 percent as previously reported.

Spending on goods increased 0.70 percent last month, mostly reflecting products with a short life span, including pharmaceuticals, recreational items, groceries and clothing.

Services spending increased by 0.80 percent, driven by portfolio management and investment advice services, housing and utilities.

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 Edited by Jesus Chan

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