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U.S. spending increases

Monday, Aug. 30, 2004 | 8:57 a.m.

WASHINGTON -- U.S. consumer spending rose 0.8 percent in July after a smaller decline in June than previously reported, a sign the economy is accelerating. Americans' incomes showed the smallest gain since November 2002.

Purchases of automobiles and other durable goods led the growth in spending after a 0.2 percent decline in June, the Commerce Department said today in Washington. Incomes rose 0.1 percent, restrained by a drop in government benefit payments and farm income. A measure of inflation tied to spending was unchanged.

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