Consumer spending accounts for about 70% of gross domestic product (GDP) and notched a 0.5% month-over-month rise in July, marking the highest increase in four months. In addition, the reading accelerated from 0.4% in June, which was revised higher from 0.3%. <\/p>\n
Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! <\/a> Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.<\/p>\n In dollar terms, consumer spending increased by $108.9 billion, split between $48.7 billion in goods and $60.2 billion in services. Motor vehicles and parts led the way, rising by $34.9 billion, while financial services and insurance trailed behind with a $24.1 billion uptick.<\/p>\n Consumer Spending Drives GDP Recovery Despite Tariff Concerns<\/p>\n On Thursday, the Commerce Department issued its second estimate of second quarter GDP at 3.3%<\/a>, 0.3% higher than its first estimate. GDP fell by 0.5% during the first quarter as imports<\/a> surged. Consumer spending<\/a> grew by 1.6% quarter-over-quarter, more than tripling the growth of 0.5% during the first quarter.<\/p>\n Wage growth has helped uplift consumer spending, although companies remain hesitant to hire new employees in light of higher costs from tariffs.<\/p>\n Stay ahead of macro events with our up-to-the-minute Economic Calendar<\/a> \u2014 filter by impact, country, and more.<\/p>\n Disclaimer & Disclosure<\/a>Report an Issue<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Consumer spending accounts for about 70% of gross domestic product (GDP) and notched a 0.5% month-over-month rise in…\n","protected":false},"author":2,"featured_media":119735,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[28,101],"class_list":["post-119734","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/119734","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=119734"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/119734\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/119735"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=119734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=119734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=119734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}