U.S. Consumer Spending Increased More Than Expected in July

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ASHINGTON (Reuters) – U.S. consumer spending increased more than expected in July, strengthening expectations for a sharp rebound in economic growth in the third quarter, though momentum is likely to ebb as the COVID-19 pandemic lingers and fiscal stimulus dries up.

The Commerce Department said on Friday that consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 1.9% last month, after jumping 6.2% in June. Economists polled by Reuters had forecast consumer spending gaining 1.5% in July.

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