U.S. consumer spending remained steady in July, according to a report released on Thursday.
The Commerce Department said consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.4% last month, matching June’s reading and analyst forecasts.
The Federal Reserve's preferred inflation measure, the personal consumption expenditures (PCE) price index, excluding food and energy, rose 0.2% in July from the prior month.
That was also in line with expectations although higher than June’s 0.1% advance.
The so-called core PCE increased 2.0% in the 12 months through July, matching forecasts and slightly faster than the prior month’s advance.
Personal income rose 0.3% last month, matching for a drop from June’s 0.4% increase.
