U.S. consumer spending surges in July, but inflation remains tame
The numbers: Americans boosted spending in July on recreational goods and vehicles as well as energy to run their air conditioners, but inflation remained low enough to give the Federal Reserve room to cut interest rates next month.
Inflation as measured by the Fed’s preferred PCE price index rose 0.2% in July, nudging the yearly rate up to 1.4% from 1.3%. To pay for their purchases Americans cut back on what they saved. The savings rate fell to 7.7% from 8% — the lowest level since last November.
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