Consumer spending accelerated to an annualized growth rate of 7.7% in July:
Spending growth was up 3.0% from a year ago. This is all good news for soft landing fans, since it suggests that consumer spending remains healthy even as the rest of the economy slows a bit.
I've mentioned before that consumer spending almost never goes down, even during recessions, so don't take this news too seriously. If we do end up entering a recession, spending is likely to stay strong right up until the minute growth turns down.