US EditionConsumer Spending Heated up a Bit Last Month – but so Did Inflation | News Channel 3-12
UNITED STATES, JUL 30 – Consumer spending contributed nearly one percentage point to GDP growth while imports fell 30.3%, helping the U.S. economy rebound after a first-quarter contraction, the BEA reported.
- After a downturn, the US economy swung back to growth as consumer spending rose enough to add nearly a full percentage point, according to the Bureau of Economic Analysis.
- Amid tariff-driven price hikes, US consumers continued spending in June despite rising gas prices and business cost pass-throughs.
- Data reveal consumer spending rose 0.3% from May and the PCE price index increased 0.3% monthly, lifting the annual rate to 2.6% since February.
- Following the data release, stock futures were relatively unchanged and Dow futures rose 100 points , with Bank of America reporting healthy consumer spending buoyed revenues and lifted borrower utilization.
- Looking ahead, core prices remain above the Federal Reserve's 2.80% target, while final sales to private domestic purchasers show signs of moderation.
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Consumer spending recovers after trade wars let up, but Americans are still wary
Americans spent more money in June after U.S. trade wars began to simmer down, but they were cautious spenders amid all the turmoil caused by the Trump administration’s tariffs. Article Attribution | Read More at Article Source The post Consumer spending recovers after trade wars let up, but Americans are still wary appeared first on RocketNews.
Economy Rebounds on Import Drop and Consumer Spending Strength
A drop in imports and a pickup in consumer spending led real gross domestic product (GDP) to return to growth in the second quarter, according to the Bureau of Economic Analysis (BEA) advance estimate for the second quarter released Wednesday (July 30). [contact-form-7] Real GDP grew at an annualized rate of 3% during the quarter, marking a rebound from the 0.5% contraction recorded in the first quarter, the BEA said in a Wednesday pres…
It is due to the decline in imports, which are a subtraction in the calculation of GDP, and the increase in consumer spending on tariffs, according to the BEA.
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