Reuters reports that U.S. consumer spending increased solidly in June building a strong base for the economy heading into the third quarter. This as households spent more on restaurants and accommodation. Inflation rose moderately.
Consumer spending accounts for more than two-thirds of U.S. economic activity. The Commerce Department said on Tuesday that it rose 0.4 percent last month. Data for May was revised up to show consumer spending advancing 0.5 percent instead of the previously reported 0.2 percent increase.
Last month’s increase in consumer spending was in line with economists’ expectations.
