While you were sleeping: Solid US consumer spending

Mon, 29 Aug 2016

By Margreet Dietz Aug. 30 (BusinessDesk) - Wall Street strengthened, edging closer to fresh record highs, as a report on US consumer spending underpinned Federal Reserve officials’ comments that an interest rate hike might be warranted soon. A Commerce Department report showed that consumer spending, a key driver of the US economy, increased 0.3 percent in July, following a 0.5 percent gain in June. “There are good indicators that incomes are improving and consumption is going to continue to stay strong, which points to a resilient US...

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