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Tuesday, Jul 23, 2024

Consumer spending dips, savings rate surges

WASHINGTON — Frugal consumers trimmed spending in April — although by less than expected — as rising unemployment kept pocketbooks in check and motivated Americans to save. With income growth far outpacing spending, Americans’ personal savings rate zoomed to 5.7 percent, the highest since February 1995, the Commerce Department reported Monday. For the full story click here

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