(MENAFN) U.S consumer spending grew in June at its fastest pace in three months, a sign that the economy was gaining momentum, Xinhuanet reported.
Personal consumption expenditures (PCE), which account for about 70 percent of the U.S economic activity, increased 0.4 percent in June.
Personal income edged up 0.4 percent in June, matching the increase in the previous month, and the U.S. savings rate, personal saving as a percentage of disposable personal income, remained unchanged at 5.3 percent.
The price index for PCE - the Federal Reserve's preferred measure for inflation - increased 0.2 percent in June, slightly below an increase of 0.3 percent in May.
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