Consumer spending rises, along with consumer debt
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The Commerce Department delivered new evidence on Friday that the American consumer is indeed resilient in spite of the slowing global economy. July consumer spending was up 0.6%, revealing continued optimism despite the escalating U.S.-China trade war. At the same time, consumer debt is also growing, as is the credit card delinquency rate. Economists say current consumer spending is sustainable — at least for now.
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