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Drop in U.S. consumer spending clouds Fed rate hike outlook

U.S. consumer spending fell in August for the first time in seven months while inflation showed signs of accelerating, mixed signals that could keep the Federal Reserve cautious about raising interest rates. The Commerce Department said on Friday that consumer spending, which accounts for more than two-thirds of U.S. economic activity, fell 0.1 percent last month after accounting for inflation. “Consumers took a breather in August,” said Chris Christopher of IHS Global Insight

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Drop in U.S. consumer spending clouds Fed rate hike outlook

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Strong U.S. durable goods orders offer hope for manufacturing

While other data on Thursday showed new applications for unemployment benefits increased last week, they remained below levels associated with a tightening labor market. The Commerce Department said orders for durable goods, items ranging from toasters to aircraft meant to last three years or more,

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Strong U.S. durable goods orders offer hope for manufacturing