Investing.com - U.S. household spending rose at a faster than expected rate last month, according to data released on Monday, indicating that the economic recovery was likely to continue in the current quarter.
The Commerce Department reported that household spending rose by a seasonally adjusted 0.5% in August, after falling 0.1% in the previous month. Economists had forecast an increase of 0.4%.
Meanwhile, personal income, reflecting income from wages, investment, and government aid, rose 0.3%, up from 0.2% in July, broadly in line with forecasts.
Following the release of the data, the US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was at 85.73, not far from the four year peak of 85.93 hit earlier Monday.
Meanwhile, U.S. futures were broadly lower. The Dow 30 futures were down 0.54%, the S&P 500 futures index was down 0.60%, while the NASDAQ 100 futures index was down 0.62%.