July’s inflation report shows prices climbing 2.6% year-over-year, with core inflation—excluding food and energy—ticking up to 2.9%, the highest since February. But beyond the headlines, consumer spending jumped 0.5%, the strongest gain since March, while personal incomes rose 0.4%. In short: despite tariffs, high rates, and a dip in sentiment, Americans are still spending. So what does this mean for your paycheck and your family’s future? Alicia Summers turns to David Stryzewski, CEO of Sound Planning Group, to weigh in on whether these numbers signal real trouble, if consumer jitters are temporary, how sticky costs like healthcare and housing could play in, and whether the Fed might cut rates as soon as September.
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