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According to data from the Commerce Department's Bureau of Economic Analysis report, US personal spending grew by 0.2% in August, slowing from an unrevised 0.5% gain in the prior month and marking the slowest increase in seven months. Economists had anticipated an uptick of 0.3%.
Household income growth also unexpectedly slowed to 0.2% from 0.3% in July, compared to 0.4% estimates.
Meanwhile, the personal consumption expenditures (PCE) price index, the Fed's preferred inflation index, rose by 0.1% on a monthly basis, missing estimates of 0.2%, which would have matched July's pace. The year-on-year reading also cooled to 2.2%, slower than projections of 2.3% and down from 2.5% in July.
Excluding volatile items like food and fuel, the so-called core PCE price index also decelerated to 0.1% month-on-month but sped up slightly as anticipated to 2.7% from 2.6% on an annualized basis.
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