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Real Personal Spending As Expected In August, Solid Recent Trend [1/2]

US DATA
  • Real consumer spending was essentially in line with expectations in August, rising 0.05% M/M (rounding to 0.1 vs cons 0.0), following a marginally upward revised 0.64% in Jul (initial 0.57) but a more notably downward revised 0.25% in Jun (initial 0.42%).
  • It left the 3M/3M run rate at 3.4% annualized, an acceleration from the 1.3% seen three months ago.
  • This trend continues to show the effects of the rotation back to services, with overall consumer spending clearly stronger than the flatter trend seen in implied retail sale volumes – see chart.

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