US consumer spending rises more than expected in August

Consumer spending, which accounts for more than two-thirds of US economic activity, rose 0.4% in August after declining 0.2% in July, and wages increased 0.3% in August after rising 0.8% in July. The PCE price index rose 0.3% in August after declining 0.1% in July, and on an annualized basis the PCE price index rose 6.2% in August versus 6.4% in July.

The core PCE price index, excluding food and energy components, rose 0.6% in August, and on a year-over-year basis the core PCE price index rose 4.9% in August versus 4.7% in July.