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July Consumer Spending Strong
1Spending rose 1%, above estimates. Durable goods spending surged 3.7% as automakers once again offered 0% loans. Year over year, spending rose 5%, the best since May '01. Adjusted for inflation, real spending growth was the best since Oct. '00. Consumers likely used debt and cash from refinancing to raise spending. Personal incomes were flat from June. More on this page
Midwest Manufacturing Picks Up
2The Chicago purchasers' index rose more than expected in Aug., gaining 3.4 points to 54.9. A reading above 50 indicates growth. New orders and output also showed bigger gains last month. But the employment index dropped, …