Incomes drop sharply in July while spending slows (AP)

slowed to a crawl and personal incomes plunged in July, reflecting the waning impact of $93 billion in economic stimulus payments .

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The Commerce Department report Friday showed that consumer activity got off to a shaky start in the third quarter, raising new worries that the economy could falter in coming months due to rising unemployment, a continuing credit crisis and the deepest housing slump in decades. Personal incomes fell by a bigger-than-expected 0.7 percent in July, the biggest drop in nearly three years, while consumer spending edged up a modest 0.2 percent, just one-third the 0.6 percent gain in June.

Full Story: Incomes drop sharply in July while spending slows (AP)

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