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Consumer spending gains slows to 1% in August

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WASHINGTON – U.S. consumer spending slowed in August while personal incomes fell, reflecting the expiration of the $600 weekly benefit for the unemployed.The Commerce Department reported Thursday that spending grew by just 1%, the weakest showing since spending actually fell 12.7% in April after the coronavirus pandemic shut down large parts of the economy.The 2.7% drop in incomes followed a gain of 0.5% in July.

The August drop reflected the expiration of the $600 expanded unemployment benefit on July 31. Congress has so far failed to come up with a new virus relief package that would restore that benefit.Many economists are worried that without further government support the economy will slow significantly in the final three months of.

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