Consumers spent a bit more in August than the previous month, a sign the economy is holding up even as inflation lifts prices for food, rent, and other essentials.Americans boosted their spending at stores and for services, such as haircuts, by 0.4 percent in August, after it fell 0.2 percent in July, the Department of Commerce said Friday. Yet much of that increase reflected higher prices, with an inflation gauge closely monitored by the Federal Reserve rising 0.3 percent in August, the government’s report showed.The figures suggested that the economy is showing some resilience despite sharply rising interest rates, violent swings in the stock market, and high inflation.
Load More
Load More