U.S. Consumer Spending Stayed Solid in June
“U.S. consumer spending posted a fourth-straight solid advance in June, fueled by steady income growth and underscoring strength in the biggest part of the economy. Inflation, meanwhile, topped estimates. Purchases, which account for about 70 percent of the economy, rose 0.4 percent after a revised 0.5 percent advance that was larger than previously estimated, Commerce Department figures showed Tuesday. Incomes also climbed 0.4 percent in June, matching the May increase. The Federal Reserve’s preferred measure of inflation rose 2.2 percent on a year-over-year basis for a second month.”