US personal spending slows; inflation holds at 6-year high

  • by Ahmed Mamdouh
  • September 28, 2018, 13:21 AM
  • 315 Views
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U.S. personal spending slowed in August, while the Fed’s favorite inflation gauge held at the highest level in six years, data released on Friday showed.

Consumer spending soared 0.3 percent last month, cooling from a 0.4 percent increase in July, coming in line with forecasts.

The core PCE price index, used by the Fed as an inflation measure, stalled on the month and rose 2 percent from a year earlier, the highest level in six years.

The dollar index traded higher for a third straight session on Friday at 94.85, set for its first weekly advance in three weeks.

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