US consumers boost spending 1% as inflation remains high

·1-min read
Economy GDP (Copyright 2021 The Associated Press. All rights reserved)
Economy GDP (Copyright 2021 The Associated Press. All rights reserved)

American consumers increased their spending by 1% in June — a dose of energy for an economy that is quickly rebounding from the pandemic recession but is facing new risks led by the delta variant of the coronavirus.

At the same time, a key inflation barometer that is closely followed by the Federal Reserve surged 4% last month from a year earlier. The 4% gain matched the 12-month increase in May and was the fastest surge since July 2008.

June’s solid increase in consumer spending provided further evidence that consumers are driving a strengthening recovery from the pandemic recession.

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