Consumer spending up 0.3 percent in August

Sept. 27, 2013 at 9:23 AM
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WASHINGTON, Sept. 27 (UPI) -- Consumer spending rose 0.3 percent in August after climbing 0.2 percent in July, the U.S. Commerce Department said Friday.

The seasonally adjusted spending figure for August matched economists' expectations.

The department's Bureau of Economic Analysis revised July's spending, which had earlier been put at 0.1 percent.

Personal incomes also jumped, climbing 0.4 percent, the highest increase in six months, topping the consensus forecast of 0.3 percent.

Savings were up as gains in income outpaced increases in spending, climbing by 4.6 percent in August after a 4.5 percent boost in July.

Inflation was subdued in August, with consumer prices up 0.1 percent, matching the increase in July. Core prices, which exclude food and energy items, rose faster, climbing 0.2 percent, the bureau said.

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