Consumer Spending Rebounds, Rose 0.8% in July

Consumer spending grew in July by 0.8 percent, the largest amount in five months.  That followed a decline in June and helped ease fears that the U.S. economy is on the verge of another recession.  Consumer spending is important because it accounts for 70% of economic activity.  Economists said the report was a strong sign that the economy rebounded in July after anemic growth in the first half of the year.  Read article:

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