WASHINGTON: US consumer spending cooled in June and inflationary pressures accelerated strongly as higher food and energy costs stretched Americans” wallets, a government survey showed Monday. The monthly Commerce Department snapshot also showed that Americans” incomes moderated in June after both spending and income got a hefty boost in May from a vast emergency economic stimulus. The survey was released a day before a Federal Reserve panel meets to mull US interest rates. The central bank panel is widely expected to leave its key base rate firmly anchored at 2.0 percent, although economists said inflation risks might trigger a hot debate. Consumer spending rose 0.6 percent in June from May while incomes raised a mild 0.1 percent, the weakest rise in incomes since April 2007. Both readings were nonetheless stronger than expected as most economists had forecast that spending increased 0.5 percent and incomes contracted 0.1 percent.
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KARACHI: Two persons were injured during a collision between a coaster and a dumper at northern bypass here.Sources said that two persons Muqbool Hussain,26, and Nazar Hussain, 35 were hit by over speeding coaster and dumper near Yousuf Goth. They were shifted to Murshid Hospital in Baldia Town.
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LAHORE: ICC Champions Trophy, which is already in doldrums due to foreign teams” security fears, is now facing yet another impediment due to the lethargic attitude of the management in administrative matters. The construction work of Qaddafi Stadium is underway at such a slow pace that it doesn”t seem to be getting completed within the fixed time. The Stadium’’s College-end construction work had started in February and the deadline for its completion was fixed at August31 in a bid to hand over the Stadium to the ICC Champions Trophy Management, but the construction work doesn”t seem to be meeting the deadline because of its slow pace. The construction company is mostly relying on laborers instead of deploying the latest construction machineries. Besides, rain spells have also delayed the work. Experts said that the completion of the three-storey building in the next 28 days would not be less than a miracle. A media center equipped with the latest gadgets, besides accommodation for additional 6000 viewers is being constructed at the College-end at a cost of Rs. 150 million. However, PCB Chief Operating Officer,Shafqat Naghmi seems satisfied with the pace of work.
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ISLAMABAD: The Presidency believes that a significant presence of senior government leaders, including the prime minister, at the traditional annual c
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RAWALPINDI: Various localities of the city turned into puddles of muddy water with thousands of residents confined to their homes as a result of showe
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LAHOREA DIVISION bench of the Supreme Court of Pakistan on Monday restrained the Lahore Development Authority (LDA) from conducting an operati
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Pakistan News
GILGIT: Pakistani Army helicopters airlifted two frostbitten Dutch climbers from K2 on Monday after a catastrophic avalanche on the world’’s second hig
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RawalpindiThere is nothing but chaos on Murree Road whenever it rains heavily. Monday was no exception. Motorists and public transport
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RawalpindiA 35-year-old man was drowned in Nullah Leh during heavy downpour here on Monday morning.Adnan Ahmed, son of Ahmed Sarfraz,
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ISLAMABAD: General David Howell Petraeus is the new commanding general of the United States Central Command (CENTCOM). General Petraeus, once the comm
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