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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

showed-signs

China home prices rise faster in May as smaller cities join rally

Sizzling home price rises in China's biggest cities showed signs of easing in May but sharp gains appeared to be spreading to smaller cities, making policymakers' job harder as they look to support the faltering economy without inflating bubbles. The recovery in China's property market since late last year has been a rare bright spot in the world's second-largest…

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China home prices rise faster in May as smaller cities join rally