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Consumer Spending in U.S. Slowed in August as Incomes Unexpectedly Dropped
Consumer spending in the U.S. slowed in August as incomes unexpectedly dropped for the first time in almost two years, forcing households to dip into savings. Purchases rose 0.2 percent after a 0.7 percent increase the prior month, Commerce Department figures showed today in Washington. A 0.2 percent advance in prices wiped out the gain in so-called nominal, or unadjusted, spending. Incomes decreased 0.1 percent, the first decline since October 2009. Little hiring, stagnant wages and a plunge in stocks have shaken confidence in the recovery that began two years ago, which may hurt sales at retailers like Best Buy Co. ... (full story)
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