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Consumer spending gains slows to 1% in August
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Consumer spending gains slows to 1% in August
U.S. consumer spending slowed in August while personal incomes fell, reflecting the expiration of the $600 weekly benefit for the unemployed. The Commerce Department reported Thursday that spending grew by just 1%, the weakest showing since spending actually fell 12.7% in April after the coronavirus pandemic shut down large parts of the economy. The August drop reflected the expiration of the $600 expanded unemployment benefit on July 31.
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