Americans spent more in Aug. as incomes fell

American consumers spent slightly more last month, but they earned less for the first time in nearly two years, according to a new report issued Friday.

The Commerce Department report shows consumer spending rose 0.2 percent in August after a revised 0.7 percent increase in July. At the same time, incomes fell 0.1 percent. That's the poorest showing since a similar 0.1 percent drop in October 2009.

According to The Associated Press, the new data on spending and incomes suggest Americans tapped into their savings last month ?to cope with higher gas prices and a weaker economy.?

Source: http://bottomline.msnbc.msn.com/_news/2011/09/30/8057909-consumers-spent-more-in-august-but-their-incomes-fell

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