Consumer spending rebounds, rose 0.8 pct. 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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