Consumer spending in the U.S. rose in August by the fasted amount in six months, according to the latest government data
Spending jumped 0.5% last month on a seasonally adjusted basis, the Commerce Department said Friday
Personal income, however, rose a much smaller 0.1% and the U.S. savings rate fell to 3.7% from 4.1%
That's the biggest one-month decline in a year
Economists surveyed by MarketWatch had forecast a 0.5% increase in consumer spending, largely because of sharply higher gas prices in August
They also forecast a 0.2% rise in personal income
Since spending rose faster than income, the savings rate fell
Also, inflation as gauged by the core PCE price index rose a scant 0.1% in August. Over the past 12 months the core PCE has risen 1.6%, within the Federal Reserve's preferred zero to 2.0% range
In July, spending was unchanged at a 0.4% increase
The rise in income, however, was reduced to 0.1% from 0.3%
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