U.S. consumer spending rose 1% in June
The numbers: Freed from most Covid restrictions Americans spent liberally in June on travel, vacations and other services they shunned during the pandemic.The increase in spending was no surprise. On Thursday, the government said consumer outlays surged almost 12% in June to underpin a strong economic recovery.Even though federal stimulus payments have dried up, households have plenty of savings to underwrite an increase in spending. The savings rate slipped to 9.4% in June from 10.
Consumer spending, the main driver of the U.S. economy, has led the way. Household spending generates more than two-thirds of U.S. economic activity. The virus aside, perhaps the biggest threat to the economy is surging inflation. Higher prices could discourage people and cause a slowdown in consumer spending if they persist long enough.
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