Consumer Credit Slowed in July as Higher Wages Provided Cash
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Consumer borrowing increased less than expected in July as higher incomes allowed Americans to reduce their credit card use.
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WASHINGTON -- Growth in worker productivity slowed sharply in the summer while wages and benefits rose at a rate that was far below a previous estimate.
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Shoppers spent more freely in July, raising hopes that June&#39;s economic lull could be coming to an end. The Commerce Department reported Monday that consumers, key shapers of US economic activity, boosted spending
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US consumer borrowing grew at its slowest pace in four months in July, official figures show.
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Job turnover in July moved at the  slowest pace in more than a year due to a softening labor  market, a government report showed on Tuesday.
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Consumers boosted their spending in July by the largest amount in six months, offering hope that the current economic slowdown may not be as severe as some had feared.
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The number of people claiming unemployment benefit last month fell by 6,100 to 830,200, the Office for National Statistics said. Average earnings, including bonuses, increased by 3.8% in the year to July, down
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Americans increased their borrowing in July at the slowest pace in four months as the gain in credit card debt fell off sharply.
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The Labor Department reports on consumer prices for July at 8:30 a.m. EDT this morning. Economists are looking for an increase of 0.1 percent, following a 0.3 percent hike in June.
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Shoppers spent more freely in July as consumer spending rose slightly, though tepid growth in personal income raised concern about whether the trend will continue.
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Consumers stepped up their borrowing in July by the largest amount since the beginning of the year, the Federal Reserve reported Wednesday.
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After months of being buffeted by higher energy costs, consumer prices posted a rare decline in July while output at U.S. factories and construction of new homes and apartments rebounded from their June swoon.
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However, a sluggish rise in incomes in July raised concerns that spending might fizzle again soon if it is not supported by more substantive growth in jobs and wages.
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Consumers increased their borrowing at a more modest pace in December as credit card debt increased at the slowest rate in nine months.
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Americans increased their borrowing at a 2.4 percent annual rate in May, significantly slower than in April, as a big jump in credit card borrowing was not enough to offset a slowdown in the growth of auto loans, the Federal Reserve reported Monday.
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US consumer prices eased down by 0.1 per cent in July as gasoline prices dropped, while factory output rose and home construction rebounded, offering hope the economy has escaped its early-summer &quot;soft patch.&quot; ...
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Borrowers fell behind in their payments on a higher percentage of consumer loans in the first three months of the year, pinched by slowing job and wage growth and climbing gasoline prices, new figures showed yesterday.