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• US Consumer Spending

• Meta

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Economy & Finance

US Consumer Spending

U.S. consumer spending increased slightly less than expected in August, but the overall economic growth for the third quarter remains strong. The annual rise in prices was the smallest in over three and a half years, contributing to moderate inflation. Despite these signs of economic resilience, economists do not expect the data to prompt the Federal Reserve to make another significant interest rate cut in November. The Commerce Department also reported a narrowing goods trade deficit, further supporting the expectation of solid GDP growth for the third quarter.

Technology

Meta

Meta has been fined €91 million by the EU's privacy regulator for improperly storing some users' passwords in plaintext, a violation of data protection regulations. The issue was discovered during a security review in 2019, and although Meta quickly addressed the problem, the fine reflects the severity of storing passwords without proper encryption. This penalty adds to the substantial fines Meta has already incurred under the EU's General Data Protection Regulation (GDPR).

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