According to Odaily Planet Daily, U.S. consumer spending grew steadily in July, while core PCE rose as import tariffs pushed up prices of some goods. However, against the backdrop of softening labor market conditions, these data may not prevent the Federal Reserve from cutting interest rates next month. Low layoffs have supported solid wage growth, providing support for consumption. However, U.S. President Trump's comprehensive tariffs on imported goods are increasing business costs, exacerbating corporate caution and making employers reluctant to increase staffing. The government reported this month that employment increased by an average of 35,000 per month in the three months ending in July, compared with 123,000 in the same period of 2024. (Jinshi)