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Consumers Spending Rebounds; Rises 0.8%

Consumer spending grew in July by 0.8 percent, the largest amount in five months. That followed a decline in June and helped ease fears that the U.S. economy is on the verge of another recession.

Personal incomes increased 0.3 percent last month, the Commerce Department said. That’s slightly higher than the modest 0.2 percent in June, the weakest growth in seven months.

Read more at cbsnews.com.