Economy

Consumer Spending in U.S. Slowed in July as Prices Rose Most in 17 Years U.S. consumer spending grew at a slower pace in July as the impact of the tax rebates faded and a pickup in inflation eroded Americans' buying power.

Business Activity Expands at the Fastest Pace in Year, Chicago Index Shows A measure of U.S. business activity showed expansion at the fastest pace in more than a year, as production accelerated the most since October 2004.

European Confidence Drops More Than Forecast; Inflation Rate Falls to 3.8% Europeans' confidence fell more than forecast this month as the economy teetered on the brink of a recession.

Fukuda Plans to Spend $18 Billion on Program to Stimulate Japanese Economy Japanese Prime Minister Yasuo Fukuda, facing elections within a year, plans to spend about 2 trillion yen ($18 billion) to revive the world's second-largest economy.

Spanish Retail Sales Decline for Eighth Month as Economic `Crisis' Deepens Retail sales in Spain fell for an eighth month in July as record oil prices and higher interest rates eroded consumers' purchasing power.

ECB's Bini Smaghi Says Inflation `Too High,' Must Be Brought Down Below 2% European Central Bank Executive Board member Lorenzo Bini Smaghi said inflation among the 15 countries sharing the euro is ``too high'' and must be brought below the bank's limit.

Malaysia's Abdullah Cuts Taxes, Subsidizes Food as He Girds to Fight Anwar Malaysian Premier Abdullah Ahmad Badawi cut taxes, promised free electricity for the poor and raised food subsidies in a budget designed to fight inflation and prevent the opposition from seizing power.

Swiss Leading Indicators Drop More Than Expected; Growth May Grind to Halt Switzerland's leading economic indicators fell more than expected to the lowest level in five years this month, evidence that growth may grind to a halt.

India Economic Growth Slowed to 7.9% Last Quarter; Weakest Pace Since 2004 India's economy grew at the slowest pace since 2004 last quarter as the fastest inflation in a decade and increased borrowing costs damped consumer spending.

U.S. Consumer Spending Slows, Inflation Accelerates: Table of the Day Following is a summary of the U.S. personal income and spending report for July released by the Commerce Department.

Fed Watch

Bernanke, Aiming to Curtail Derivative Market Risks, Met NYSE, CME Chiefs Federal Reserve Chairman Ben S. Bernanke, aiming to curb risks in derivatives markets, met in June with NYSE Euronext Chief Executive Officer Duncan Niederauer and CME Group Inc. Chairman Terrence Duffy.

Lockhart Says Federal Reserve's Rate Is `Consistent' With Slower Inflation Federal Reserve Bank of Atlanta President Dennis Lockhart said the central bank's interest-rate stance is ``consistent'' with slowing inflation, while signaling readiness to raise borrowing costs if needed.

Fed Policy Makers Agree Next Move on Interest Rates Will Be to Raise Them Federal Reserve officials agreed at their meeting this month that their next move in interest rates will be to raise them, while reaching no conclusion on the timing of such a decision, records of the gathering show.

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