U.S. consumer spending barely rose in August and business investment remained we...
WASHINGTON - U.S. consumer spending barely rose in August and business investment remained weak, suggesting the economy was losing momentum as trade tensions linger.
Consumer spending, which accounts for more than two-thirds of U.S. economic activity, edged up 0.1% last month as an increase in outlays on recreational goods and motor vehicles was offset by a decrease in spending at restaurants and hotels. The Federal Reserve last week cut interest rates for the second time this year, citing the ongoing risks to the longest economic expansion on record from the U.S.-China trade war and slowing global growth.
Core capital goods orders increased 1.1% on a year-on-year basis. Shipments of core capital goods rose 0.4% last month. Core capital goods shipments are used to calculate equipment spending in the government’s gross domestic product measurement.
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