CNN —
The Federal Reserve’s go-to inflation gauge held at 2.5% in July, Commerce Department data showed Friday. That’s better than anticipated and shows progress — but still underscores the bumpy process for inflation’s descent.
Friday’s report also reaffirmed that the backbone of the US economy — the consumer — is still holding strong, although their piggy banks are getting lighter.
Spending was up by 0.5%, or 0.4% when adjusted for inflation, landing above expectations for the month when car dealerships were back in gear after a massive software outage in June and when
→ Continue reading at CNN - Business News
