Consumer Spending Rose in Quarter 3
On Thursday, the Commerce Department reported that consumer spending rose 1 percent in August, according to CNBC.
Consumer spending rose 1.5 percent in the month prior. Economists anticipated consumer spending would rise by 0.8 percent August. Personal income fell 2.7 percent, reflecting the decrease in unemployment insurance benefits.
The US economy is on pace for record growth in quarter 3, after a historical downturn in quarter 2. Estimates are coming in at a 32 percent annualized rate. The economy shrunk 31.4 percent in the second quarter,
The economy is rebounding from one of the quickest and greatest downturns in history.