Friday, August 29, 2008

July incomes drop by largest amount in 3 years

Sent from Express News
WASHINGTON - Personal incomes plunged in July while consumer spending slowed significantly as the impact of billions of dollars in government rebate checks began to wane.

The Commerce Department reported Friday that personal incomes fell by 0.7 percent in July, the biggest drop in nearly three years and a far larger decline than the 0.1 percent decrease that analysts had expected.
By MARTIN CRUTSINGER AP Economics Writer

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