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Stock impact report

US consumer spending picks up; inflation rises moderately in July [Yahoo! Finance Canada]

Amplitech Group, Inc. (AMPG) 
NASDAQ:AMEX Investor Relations: amplitechinc.com/about/investors
WASHINGTON (Reuters) - U.S. consumer spending increased solidly in July, suggesting the economy remained on firmer ground early in the third quarter and arguing against a half-percentage-point interest rate cut from the Federal Reserve next month. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.5% last month after advancing by an unrevised 0.3% in June, the Commerce Department reported on Friday. Economists polled by Reuters had forecast spending would accelerate by 0.5%. This implies that consumer spending maintained most of the momentum from the second quarter, when it helped to boost gross domestic product growth to a 3.0% annualized rate. The economy grew at a 1.4% pace in the January-March quarter. There have been concerns over the economy's health following a jump in the unemployment rate to near a three-year high of 4.3% in July. The fourth straight monthly rise in the jobless rate led financial markets and some economists to Show less Read more
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