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Data Reinforce Economic Malaise

Americans saved more and cut their spending by the most in nearly two years in June, a broad retrenchment that is both the cause of and a reaction to the slowing economic recovery.

Consumer spending—which accounts for 70% of economic activity —decreased 0.2% in June, compared with a 0.1% increase in May, the biggest drop since September 2009, the Commerce Department said Tuesday

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