July incomes drop by largest amount in 3 years

[Mark E. Smith]

Source: AP

WASHINGTON - Personal incomes plunged in July while consumer spending slowed
significantly as the impact of billions of dollars in government rebate checks began
to wane.

The Commerce Department reported Friday that personal incomes fell by 0.7 percent
in July, the biggest drop in nearly three years and a far larger decline than the 0.1
percent decrease analysts expected.

Some economists worry that overall economic growth, which rose at a 3.3 percent
annual rate from April-June, could come in at less than half that pace in the current
quarter, and could actually dip into negative territory in the final three months of this
year and the first quarter of 2009.

Read more: http://news.yahoo.com/s/ap/20080829/ap_on_bi_go_ec_fi/economy

[trudyco]

1. ouch -nt

[newtothegame]

2. We couldn't handle the first 8 years...

we won't make it through another.

[rcsl1998]

3. K&R