US consumer spending rose more than expected in June

As more places reopened and people got COVID-19 jabs, consumers confidently spent money at restaurants and stores.

U.S. personal spending accelerated more than expected in June, reflecting a ramp up in outlays on services, while a closely watched inflation measure continued to climb. Purchases of goods and services increased 1% from a month earlier, following a downwardly revised 0.1% drop in May, Commerce Department figures showed Friday. The personal consumption expenditures price gauge, which the Federal Reserve uses for its inflation target, rose 0.5% for a second month.