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Economic Indicator
Consumer spending dips 0.1%

U.S. consumer spending fell in July, with a drop in auto purchases accounting for most of the weakness. Income growth also slowed. Consumer spending edged down 0.1% last month after a 0.4% increase in June, the Commerce Department reported Friday. It was the first decline in spending since January. Income growth slowed to 0.2% in July, the weakest showing in seven months. The fall in spending came primarily from a decline in auto sales, which took a breather in July after posting big gains in recent months, although spending in other areas was also weak. Consumer spending accounts for 70% of economic activity, so it needs to recover for the economy to keep its momentum in the second...

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