Incomes Rise in July as Spending Slows
Washington AP reports personal incomes rose 0.6 percent in July for the largest gain in four months, to a seasonally adjusted annual rate of $4.67 trillion, while consumer spending increased 0.5 percent to $3.67 trillion. The slowdown blamed on fewer auto, food, and clothing purchases. Savings rate held at 4.9 percent, aiding domestic capital availability.
MENTIONED IN THIS ARTICLE
Washington
Commerce Department
Bureaucracy Holds Up California Highway 1 Repairs
In Mill Valley California an earthquake damaged Highway 1 remains closed as bureaucrats across jurisdictions stall repairs. Half a million cubic yards of road and soil have slid into the Pacific since October, detour traffic rising to about 6 000 vehicles daily and harming Stinson Beach tourism and emergency response times.
MENTIONED IN THIS ARTICLE
Mill Valley
Calif
Pacific
Stinson Beach
del Goetz
Homeless Picnic Brings City Shelter Helpers to West Park
In Pittsburgh 1500 homeless residents were treated to a picnic funded by shelters hospitals churches and the Salvation Army. An 84 year old woman Marlene and other attendees shared meals of ribs pies and potato salad as volunteers described the event as rare normalcy for those without homes. A man suffered a seizure during the gathering prompting calls for more shelter beds and relief resources.
MENTIONED IN THIS ARTICLE
Pittsburgh
West Park
Salvation Army
Cecil Johnston
Johnston
Marlene
Tennessee
Soloma
Joseph Richards
Light of Life Shelter
Lorenzo Johnson
Analysts: Mideast crisis slows home sales in July
Analysts say rising mortgage rates linked to the Mideast crisis will slow U S home sales after July. Existing home sales rose 3 3 percent to a seasonally adjusted annual rate of 3 44 million, aided by rate drops earlier in the year, but higher rates to 10 29 percent by late July threaten July strength. The median existing-home price rose 0 9 percent to 98 4 thousand and the Northeast saw a 14 3 percent surge to 560 thousand units.
MENTIONED IN THIS ARTICLE
Flynn
Commerce Department
John A. Tuceillo
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