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Consumer Spending Defies Inflation Concerns Amid Mixed Sentiment
Consumer Spending Defies Inflation Concerns Amid Mixed Sentiment
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BTCCSquare news:
U.S. consumer spending ROSE 0.6% in August, surpassing expectations and July's 0.5% growth, as revised Q2 figures jumped to 2.5% from 1.6%. The resilience comes despite inflation persisting above the Fed's 2% target, with 44% of consumers citing price pressures as detrimental to their finances—a one-year high.
"This data undermines arguments for immediate rate cuts," said High Frequency Economics' Carl Weinberg, pushing back against dovish Fed speculation. The University of Michigan's sentiment index declined for a third straight month, revealing a paradox: wallets remain open even as Optimism contracts.
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