Despite persistently high inflation, U.S. consumer spending grew at its fastest pace in four months in July, demonstrating resilient demand. Data from the U.S. Bureau of Economic Analysis on Friday showed that inflation-adjusted consumer spending rose 0.3% month-over-month. Income growth fueled the rise in consumer spending, with goods consumption being the primary driver. The core personal consumption expenditures price index, excluding food and energy, rose 0.3% month-over-month, bringing the year-over-year increase to 2.9%, the highest level since February. (Jinshi)