The Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
WASHINGTON, Aug 30 - U.S. consumer spending increased solidly in July, suggesting the economy remained on firmer ground early in the third quarter and arguing against a half-percentage-point interest rate cut from the Federal Reserve next month.
"There is nothing here to push the Fed to a half-point cut," said Conrad DeQuadros, senior economic advisor at Brean Capital."This is not the kind of spending growth associated with recession." The increase in spending was across both goods and services, with outlays on motor vehicles and parts leading the charge. Consumers also spent more on housing and utilities, food and beverages, recreation services as well as financial services and insurance. They also boosted spending on healthcare, visited restaurants and bars and stayed at hotels.
Others argued that households were drawing down on savings to maintain spending, which could imperil future consumption. Yet another group was unperturbed by the decline in the saving rate, pointing to strong household balance sheets against the backdrop of higher house and stock prices. "That could mean the saving rate is higher than is currently reported, and would be revised higher when more accurate employment and earnings data become available."
Gold Silver Platinum Palladium PGM Platinum Group Metals Metals Precious Metals Mining News Crypto News Bitcoin News Ethereum News Mining News Interviews Economic Reports Forecasts Central Banks US Dollar Charts Tech Metals Rare Earth Metals Currency Global Economy International Policy Politics Bank Forecasts Market Nugget Mining Minutes Roundups
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
A Fed rate cut could be a revolutionary moment: Former Fed nominee Judy SheltonPeople shouldn't be cheering a potential Fed rate cut this fall, explains long-time economist Judy Shelton.
Read more »
Fed responds to economic data, not politics or stocks, says Chicago Fed's GoolsbeeChicago Federal Reserve Bank President Austan Goolsbee on Thursday reiterated that the central bank's job is not to respond to stock market routs or...
Read more »
Fed responds to economic data, not politics or stocks, says Chicago Fed's GoolsbeeThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »
August jobs data may sway Fed's September plans: Fmr. Fed CEOInvestors are anticipating a potential Federal Reserve interest rate cut in September, though the future of monetary policy remains uncertain. Goldman Sachs ...
Read more »
The Fed is not behind the curve: Fmr. Cleveland Fed Pres.Federal Reserve Jerome Powell's speech from the Kansas City Fed's Jackson Hole Economic Policy Symposium has Wall Street abuzz. Powell strongly indicated the...
Read more »
Yields rebound on Goolsbee comments, solid services sector dataThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Read more »