US nominal consumer spending likely reaccelerated last month

US nominal PCE probably gathered considerable steam during the reference period, rising by 0.6% following a modest 0.2% uptick in June. Stepped-up spending on goods and services are expected to contribute almost equally to that projected gain. Along with reported increases in unit motor vehicles sales and gasoline product supplied, a 1.0% jump is expected in current-dollar goods purchases in July, after a 0.2% contraction in the preceding period. 

Consumer services outlays likely continued apace, climbing by 0.4% and matching the average increase posted over the April-June span. One area where no contribution is expected to July's projected services gain is from consumers' utilities bills. While a return to fairly typical weather conditions probably supported spending on building materials and restaurant meals, it likely left outlays on electricity and natural gas little changed from their reported June levels.