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Income and spending rise 0.3%
Personal income and disposable income both rose 0.3% in June, the Commerce Dept. said. Personal spending rose 0.3%, as services outlays rose 0.2% and durable and nondurable goods spending rose 0.4%. Adjusted for price increases, income and outlays rose 0.1%. Saving as a share of disposable income held steady at 3.3%. May's spending gain was revised to 0.4% from 0.1%.
Consumer sentiment rises in July
The Univ. of Michigan's consumer sentiment index rose to 90.9, up from 90.3 in mid-July and June's 89.7. That differed from the Conference Board's surprising confidence drop in July. The IBD/TIPP Economic Optimism Index also showed a small rise in July. The Aug. poll will be out Aug. 12.
Construction outlays flat in June
Spending held steady at an annualized $864.3 bil, up 1.1% vs. June '02 but below forecasts. Private spending fell 0.3% from May to $652.1 bil, as residential spending fell 0.4% to $434.8 bil, the fourth straight drop. Office spending rose 3.1%, but was still down 12.8% from June '02. Public spending ...