Afternoon Coffee: US Spending Grows, Consumers More Confident About Economy

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US spending increased in May to its highest level in 6 years. Purchases grew 0.9%, according to the Commerce Department, which was much higher than the 0.1% growth in April and more than economists expected.

Consumers are increasingly confident about the US economy as well, the latest Bloomberg Consumer Comfort Index showed. The index came in at 42.6 this week.

Growth in the US services sector, however, slowed in June, following the trend from the previous 2 months. Markit’s “flash” Purchasing Managers Index came in at 54.8 in June – in May it registered at 56.2 and in April 56.7.

Is your favorite “imported” beer really imported? Or is it actually made in the US? Turns out Anheuser-Busch misled some beer drinkers to believe their favorite beer was an authentic German pilsner, when it was actually made in St. Louis.

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