US families continued to boost their spending in August as their take-home income posted a solid gain, the US Commerce Department said Friday in a report.
US personal consumption expenditures (PCE) rose 0.3 percent in August, higher than the 0.2 percent growth pace in July, Xinhua reported citing the report.
US personal income edged up 0.4 percent in August, after rising 0.2 percent in July, said the department.
The US savings rate, which is personal saving as a percentage of disposable personal income, ticked up to 4.6 percent in August from 4.5 percent in July.
Consumer spending accounts for about 70 percent of the US economic activity.
US real gross domestic product (GDP) expanded at an annual rate of 2.5 percent in the second quarter this year, boosted by a recovering real estate market and consumer spending.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app