US Personal spending rose in July

US personal spending rose a seasonally adjusted 0.3% in July, the Commerce Department said on Monday. Meanwhile, data showed personal income climbed 0.4% in the same month. Both reading matched analysts’ expectations. 

The personal consumption expenditures (PCE) price index, the Fed's preferred gauge of inflation, was flat in July while from a year earlier, the index rose 0.8%, its smallest increase in four months.