Shoppers lift economy but will they keep spending?
WASHINGTON — The economy might not be on the brink of another recession after all. Consumers, who drive most economic growth, spent more on cars, furniture, electronics and other goods in July — and more in May and June than previously thought. That burst of activity is encouraging because it shows many Americans were willing to spend despite high unemployment, scant pay raises, steep gas prices and diminished wealth. If it keeps up, the economy might rebound after growing at an annual rate of just 0.8 percent in the first half of 2011.
Aug 12 2011 | Posted in AP News | Read More »