Business Highlights
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American consumers slackened their pace of borrowing in August, reflecting slower spending growth and increased wariness by lenders. Consumer debt outstanding grew at a 4.2 percent annual rate to a seasonally adjusted $1.23 trillion, the Federal Reserve said Tuesday. That was down from a 5.9 percent growth rate in July. The report fit with others showing consumers retreated slightly after spending strongly earlier in the summer. Retail sales in August rose 0.4 percent after considerably larger increases in July and June. WASHINGTON (AP) — Most Americans believe they should get cost-of-living pay increases every year, but they sure don’t feel that way about members of Congress. In fact, some feel so strongly that they say they’ll vote against any lawmaker who supports a raise. That expression of sentiment comes in an Associated Press poll taken just after Congress hesitantly approved legislation making possible a $3,072 pay increase for itself, the first in five years. The bill squeaked through the House and Senate last week and awaits President Clinton’s signature. Clinton hasn’t said what he will do, but a spokesman said the president thinks the question is one for Congress to decide. More : news-star.com |