U.S. consumer spending edged up a moderate 0.3 percent in August as sales of cars and other durable goods fell. Consumer spending is closely watched because it accounts for two-thirds of economic activity. Economists said that they expected low unemployment to keep consumer spending growing at a solid pace for the rest of this year and into next year. "Improving household finances, fueled by solid wage gains and lower personal tax rates, will help bolster consumer spending for several quarters," said James Bohnaker, associate director of the economic consulting firm IHSMarket. The spending report showed that purchases of durable goods, a category that includes autos, fell by 0.1 percent in August which held back overall spending.

Source: ABC News September 28, 2018 12:35 UTC