Consumer spending cools as inflation continues to weigh on Americans

Americans pulled back on spending in July, as inflation continued to weigh on the economy, according to new data from the U.S. Bureau of Economic Analysis

In July, consumer spending rose by 0.2 percent, which was down slightly from 0.3 percent growth a month earlier. Generally, Americans spent less on goods and more on services. Consumer spending fuels roughly two-thirds of the economy.