Despite inflation reaching its highest level in over three years, consumer spending in the United States continued to increase in May, indicating that American consumers are weathering the impact of the Iran conflict.
Bloomberg quoted data released by the US Bureau of Economic Analysis on Thursday (June 24) as saying that the US personal consumption expenditures (PCE) price index rose by 4.1% year-on-year in May, marking the largest increase since April 2023. After excluding food and energy prices, the core PCE price index rose by 3.4% year-on-year.
Consumer spending, adjusted for inflation, increased by 0.3% compared to the previous month.
Another report indicates that the US economy grew at an annualized rate of 2.1% in the first quarter, which is higher than the previously announced initial figure.
According to a report by The Wall Street Journal on July 22nd, due to the failure of Congress to pass the new fiscal year spending bill, the US federal government will face another partial shutdown starting from July 24th.
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