Americans stepped up their spending in August, defying some of the weakest readings on consumer sentiment and confidence in years.
Personal consumption expenditures rose 0.9 percent, or $190.8 billion, the Commerce Department’s Bureau of Economic Analysis said Wednesday, after a revised 0.1 percent increase in July. Adjusted for inflation, spending increased 0.6 percent, following a 0.1 percent gain the prior month.
The burst has not been matched by how households say they feel. The Conference Board’s consumer-confidence index fell to 81.9 in September, the lowest level since 2014. The University of Michigan’s sentiment index finished September at 48.1, down from 51.7 in August and 15 percent below its January reading...
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