Consumer spending, robotic police dogs

July 31, 2021 Off By administrator

WASHINGTON (AP) — American consumers increased their spending by 1% in June — a dose of energy for an economy that is quickly rebounding from the pandemic recession but is facing new risks led by the delta variant of the coronavirus. At the same time, a key inflation barometer that is closely followed by the Federal Reserve surged 3.5% last month from a year earlier. That was the fastest such 12-month surge since 1991. June’s solid increase in consumer spending provided further evidence that consumers are driving a strengthening recovery from the pandemic recession.

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Families paying off rent, food, debts with child tax credit

NASHUA, N.H. (AP) — Families are starting to spend the money from the expanded child tax credit. Many say they are using the money to pay rent, supplement their grocery budgets and for catching up on bills, including cellphone and car payments. President Joe Biden increased the amounts going to families and he expanded it to include those whose income is so little they don’t owe taxes. The benefits begin to phase out at incomes of $75,000 for individuals, $112,500 for heads of household and $150,000 for married couples. Higher-income families with incomes up to $200,000 for individuals and $400,000 for married couples can still receive the previous $2,000 credit.

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