Spending Continues Strong

By John S. McClenahen Americans claim they're worried about the economy, particularly about jobs. But they're spending as if they aren't worried all that much. Personal consumption expenditures increased 0.8% in August to a seasonally adjusted annual rate of $7.78 trillion, the U.S. Commerce Department reported on Sept. 29. Last month was the fourth consecutive month that personal outlays have increased, although August's advance was just under July's 0.9% increase. "The tax cut likely underpinned spending," says UBS Investment Research, New York.

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