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The U.S. Commerce Department released personal spending and income figures on Monday. Personal spending rose 0.4% in August, exceeding expectations for a 0.3% gain, after a 0.4% increase in July. July's figure was revised up from a 0.3% increase.
Consumer spending makes more than two-thirds of U.S. economic activity. This data showed that the U.S. economy continues to strengthen despite a slowdown abroad.
Personal spending was partly driven by higher demand for automobiles. Spending on auto mobiles rose 0.9% in August.
The saving rate declined to 4.6% in August from 4.7% in July.
Personal income increased 0.3% in August, missing expectations for a 0.4% rise, after a 0.5% gain in July. July's figure was revised up from a 0.4% increase.
Wages and salaries climbed 0.5% in August, after a 0.6% rise in July.
The personal consumption expenditures (PCE) price index excluding food and energy rose 0.1% in August, in line with forecasts, after a 0.1% gain in July.
On a yearly basis, the PCE price index excluding food and index increased to 1.3% in August from 1.2% in July.
The PCE index is below the Fed's 2% inflation target. The PCE index is the Fed's preferred measure of inflation.
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