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Reuters

U.S. consumer spending, underlying inflation slowing

WASHINGTON (Reuters) -U.S. consumer spending rose less than expected in May as motor vehicles remained scarce while higher prices forced cutbacks on purchases of other goods, another sign that the rebound in economic growth early in the second quarter was losing steam. Though the report from the Commerce Department on Thursday suggested inflation had probably peaked, price pressures remained strong enough to keep the Federal Reserve on its aggressive monetary policy tightening path. Rising interest rates and tight financial conditions are stoking fears of a recession, but overall economic data so far point to moderate growth.

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