* Consumer spending increases 0.4% in August. * Personal income rises 0.3%; saving rate steady at 3.5% * Core PCE price index jumps 0.6%; up 4.9% year-on-year. By Lucia Mutikani. U.S. consumer spending increased more than expected in August, but stubbornly high inflation is dampening demand, potentially limiting an anticipated rebound in economic growth this quarter.
The Federal Reserve's No. 2 official on Friday added her full endorsement of the U.S. central bank's higher-for-longer game plan for interest rates to curb inflation that new data shows is still running at more than three times policymakers' 2% target.
U.S. consumer spending increased more than expected in August, but stubbornly high inflation is dampening demand, potentially limiting an anticipated rebound in economic growth this quarter.
U.S. consumer spending rebounded in August, but aggressive interest rate hikes from the Federal Reserve as it battles stubbornly high inflation are slowing demand, which could limit an anticipated rebound in economic activity this quarter.
Brazil's jobless rate continued to hover around its lowest levels in almost seven years in the three months through August, statistics agency IBGE said on Friday, as it dropped to 8.9% amid an ongoing post-pandemic recovery.
Brazil's government debt as a share of gross domestic product fell to 77.5% in August, from 78.2% in July, central bank data showed on Friday. The Brazilian public sector recorded a primary deficit of 30.279 billion reais for the month, bigger than the 28.75 billion reais deficit expected by economists polled by Reuters.
Zinc prices climbed on Friday, lifted by fears of further smelter closures owing to high power prices, while other metals gained after better than expected Chinese factory data. Three-month zinc on the London Metal Exchange advanced 1.9% to $2,986 a tonne by 1010 GMT.
The head of Britain's independent fiscal watchdog the Office for Budget Responsibility, Richard Hughes, said he discussed the economic and fiscal outlook in a meeting with Prime Minister Liz Truss and finance minister Kwasi Kwarteng on Friday.
Euro zone inflation zoomed past forecasts to hit 10.0% in September, a new record high that will reinforce expectations for another jumbo interest rate hike next month from the European Central Bank.
Hong Kong's retail sales in August edged down on an annual basis while the growth rate also slowed from the month before, data released on Friday showed, and an official warned that tightening conditions poses risks for the outlook. Retail sales in August stood at HK$28.6 billion, up 0.9% from July's HK$28.3 billion when it rose 4.1%, and down 0.1% from a year ago, according to the official data.
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