U.S. consumer spending increased more than expected in July, strengthening expectations for a sharp rebound in economic growth in the third ...
U.S. consumer spending increased more than expected in July, strengthening expectations for a sharp rebound in economic growth in the third quarter, though momentum is likely to ebb as the COVID-19 pandemic lingers and fiscal stimulus dries up.
FILE PHOTO: Shoppers stand in line wearing face masks outside the Louis Vuitton store during the outbreak of the coronavirus disease , in Beverly Hills, California, U.S., July 30, 2020. REUTERS/Mario AnzuoniWASHINGTON: U.S. consumer spending increased more than expected in July, strengthening expectations for a sharp rebound in economic growth in the third quarter, though momentum is likely to ebb as the COVID-19 pandemic lingers and fiscal stimulus dries up.
The Commerce Department said on Friday that consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 1.9per cent last month, after jumping 6.2per cent in June. Economists polled by Reuters had forecast consumer spending gaining 1.5per cent in July.
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