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THE ECONOMY.(TO THE POINT)
July spending soars past incomes
U.S. consumer spending grew a healthy 1% for a 2nd straight month, despite incomes that gained just 0.3% on June's 0.5% rise. The savings rate fell to -0.6%, the lowest ever, the Commerce Dept. said, citing heavy spending on autos that tapped consumer wealth above and beyond their incomes.
U.S. home prices rise higher yet
Average U.S. home prices jumped 13.4% in June vs. a year earlier. It's the biggest annual gain since 1979, the Office of Federal Housing Enterprise Oversight said. Officials see "no evidence" prices are topping out. Fed chief Alan Greenspan has warned housing imbalances could threaten the economy if prices fall.
** Mortgage rates rose for a 3rd straight week. The 30-year rate averaged 5.71% in the week ended Sept. 1, down from 5.77% a week earlier, Freddie Mac said. 15-year rates averaged 5.32% vs. 5.35%.
** Construction spending was flat in July with June's upwardly revised $1.099 tril. Economists expected a 0.5% gain.
Weekly jobless claims up slightly
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