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U.S. Economy: Consumer Spending Climbs More Than Forecast

Consumer spending climbed more than forecast in July as Americans dipped into savings to buy cars and cool their homes, showing the biggest part of the economy is holding up.

Purchases rose 0.8 percent, the biggest gain since February, after a 0.1 percent decline the prior month, Commerce Department figures showed today in Washington. Incomes grew 0.3 percent and the savings rate dropped to a four-month low.