U.S. Consumer Spending Rises, Inflation Pressures Muted
U.S. consumer spending rose for a fifth straight month in June, but a moderation in price increases suggested the Federal Reserve will not raise interest rates anytime soon. The Commerce Department said on Friday consumer spending increased 0.4 percent after rising by an upwardly revised 0.3 percent in May. Spending, which accounts for more than two-thirds of U.S. economic activity, had been forecast rising 0.4 percent after a previously reported 0.2 percent gain in May. When adjusted for inflation, consumer spending increased 0.2 percent after edging up 0.1 percent the prior month.
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