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Consumer spending unexpectedly decreases in July

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Consumer spending unexpectedly decreases in July

Inflation increases slightly.

The Commerce Department reported today that consumer spending decreased 0.1% in July.  This follows an increase of 0.4% in June.

Analysts had expected an increase of 0.2% in consumer spending.

Inflationary signs were muted in July. The price index for personal consumption increased 0.1% in July, compared with an increase of 0.2% in June. The index excluding food and energy increased 0.1% in July, identical to June.

 

The overall index is up 1.6% from a year ago, while the index excluding food and energy is up 1.5% during that period.

Disposable income increased 0.1% in July, compared to an increase of 0.5 in June, while the savings rate increased during July, coming in a 5.7%.

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