US Inflation Rises, Mortgage Applications Decline Amid Mixed Economic Data

US economic data has mixed results, but one clear trend is rising inflation. The Personal Consumption Expenditures (PCE) price index rose to 3.7% in July, higher than expected, while personal spending increased by 5.8%. Meanwhile, mortgage application levels declined due to high interest rates and refinancing decreased.

US durable goods orders rose by 12.9% year-over-year, but excluding aircraft and defense contracts, the increase was only 8.7%. This mixed data suggests that the US economy may be slowing down.

Meta has agreed to pay an $18 billion penalty over ten years for allegedly designing its social media platforms to addict children. The company will change its approach to interacting with minors.