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US personal spending grows a bit more slowly than expected over the sumer

By Alexander Bueso

Date: Friday 01 Oct 2021

LONDON (ShareCast) - (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.