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Economics

Cooler Spending in U.S. Signals Slow Start for Quarter: Economy

Consumer spending cooled in July as income growth slowed, indicating the world’s largest economy was off to a slow start in the third quarter.

Purchases rose 0.1 percent after a 0.6 percent June gain that was larger than previously estimated, according to Commerce Department data issued today in Washington. Other reports showed business activity picked up this month and consumer sentiment declined less than projected from July’s six-year high.