Consumer spending jumps 1.1 percent in June

Consumer spending climbed 1.1 percent in June, a significant uptick from the 0.2 percent recorded in May. Consumer spending accounts for two-thirds of the U.S. economy. The Federal Reserve has been raising interest rates since March, in part to help contain inflation. The personal consumption expenditures price index for June — which accounts for the value on the goods and services — climbed 6.8 percent from the same time last year. The BEA’s numbers show that consumers are still spending, albeit more strategically — cutting out unnecessary expenditures to afford fuel and food while inflation hovers at 40-year highs. Spending on clothing and footwear evened out, which could be attributed to back-to-school shopping evened also out. . . .