US personal spending grows a bit more slowly than expected over the sumer
By Alexander Bueso
Date: Friday 01 Oct 2021
(Sharecast News) - Americans' splashed out a bit less over the summer although incomes continued to grow as expected, fresh data revealed.
According to the Department of Commerce, personal consumption expenditures increased at a month-on-month pace of 0.2%, as expected.
So-called personal consumption expenditures meanwhile jumped by 0.8% versus July (consensus: 0.7%).
However, revised figures revealed that expenditures dipped 0.1%, which was down from a preliminary estimate of a 0.3% increase.
Price pressures meanwhile edged past forecasts, the Federal Reserve's preferred inflation gauge showed.
The PCE price deflator rose at an annual rate of 4.3% in August, up from 4.2% during the previous month.
At the core level, which excludes food and energy, the deflator's rate of the advance was steady at 3.6% year-on-year.
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