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U.S. consumer spending rises strongly in June; inflation increases

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WASHINGTON (Reuters) – U.S. consumer spending rose more than expected in June as vaccinations against COVID-19 boosted demand for travel-related services and recreation, but part of the increase reflected higher prices, with annual inflation accelerating further above the Federal Reserve’s 2% target. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, rebounded 1.0% last month after dipping 0.1% in May, the Commerce Department said on Friday. Nearly half of the population has been vaccinated against COVID-19, allowing Americans to travel, frequent restaurants,…

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Last couple of weeks be like.

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