U.S. consumer spending picked up a bit in July as households bought more automobiles, offering further evidence of strength in the economy that could keep the door open to a Federal Reserve interest rate hike this year. The Commerce Department said on Friday consumer spending increased 0.3 percent after an upwardly revised 0.3 percent rise in June. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, was previously reported to have gained 0.2 percent in June.
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