U.S. consumer spending in June advanced at its slowest pace in four months as demand for automobiles softened, suggesting the economy lost some momentum at the end of the second quarter.
But the moderation in consumer spending could be temporary as some automakers on Monday reported stronger-than-expected U.S. sales in July, which kept the industry on a pace for its best year in a decade.
Other data showed manufacturing continued to struggle last month, with activity weakening slightly. The combination of anemic consumer spending and sluggish manufacturing likely do not change expectations the Federal Reserve will raise interest rates this year, especially with the labor market tightening.
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