Consumer Spending, Income Up
Despite growing uncertainties in the financial and labor markets, Americans earned and spent more in August, the Commerce Department reported Friday.
Consumer spending rose by 0.6 percent, the sharpest month-to-month gain since April, while income rose 0.3 percent, inching down from 0.5 percent in July.
Continuing a downward trend in recent months, the so-called core personal consumption expenditure deflator -- a key gauge of inflation -- rose just 0.1 percent, the smallest increase in over three years.
Amid an upsurge in jobless claims, private wage and salary disbursement grew at a slower pace in August, increasing by $12.8 billion compared to $22.2 billion in July.
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