WASHINGTON — U.S. consumer spending edged up a moderate 0.3 per cent in August as sales of cars and other durable goods fell. Consumer spending is closely watched because it accounts for two-thirds of economic activity. Economists said that they expected low unemployment to keep consumer spending growing at a solid pace for the rest of this year and into next year. The Fed’s goal is to keep inflation at a 2 per cent annual gain. The spending report showed that purchases of durable goods, a category that includes autos, fell by 0.1 per cent in August which held back overall spending.

Source: National Post September 28, 2018 16:41 UTC