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Consumer spending supported by wage growth

Friday, Aug 28 2015
Consumer purchases climbed in July as incomes grew, showing the biggest part of the U.S. economy was off to a good start to the quarter. The 0.3% advance matched the prior month’s gain, a Commerce Department report showed Friday in Washington. The median forecast called for a 0.4% increase. Wages rose by the most this year.
 
Coming on the heels of data showing spending and the overall economy did better than previously estimated in the second quarter, the figures indicate the momentum carried over into the second half of the year. Steady hiring, cheap gasoline, rising home-equity and low borrowing costs are underpinning demand and helping shield the U.S. from global weakness.
 
Separate report showed that the Nation's international advance trade deficit in goods decreased to $59.1 billion in July from $62.3 billion in June, as exports increased and imports decreased. 
 
Data did not have any major impact on the markets. Euro is currently being traded few points above 1.1260 level, Sterling is around 1.5370 area, while Aussie is around 0.7130 level. Later today, Revised Consumer Sentiment figures are scheduled for a release.
More in this category: « UK GDP rose by 0.7% in Q2 German CPI unchanged in August »

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