Americans’ spending in August grew at the lowest pace in six months
U.S. citizens in August increased their spending at the lowest pace in six months, increasing them against July by only 0.1%, the Commerce Department said. According to experts, the indicator was expected to grow by 0.3%. At the same time, income growth was more significant. This figure rose by 0.4% for the month with the economists predicting an increase of 0.5%. Experts' expectations about the rise of the PCE Core index by 0.1% in monthly terms were not justified, as this indicator has not changed. In annual terms, it rose by 1.4%. In the second quarter, according to official data, consumer spending increased by 4.6% for the year, marking the fastest pace in 4.5 years. Most Americans spent money on recreational goods and cars. Their expenses for services increased by 0.2% during the month. Growth in real disposable income was recorded at 0.1%, its pace slowed compared to the rise of 0.3% in the previous month. The savings rate was 8.1% in August, rising from the July level of 7.8%. Salaries and salaries increased by 0.6% during the month.