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Report: Consumer spending lagged in August
Washington, D.C. -- A report released Friday by the Commerce Dept. showed that consumer spending in the U.S. slowed in August, impacted by falling incomes and sporadic hiring.
Commerce Dept. figures showed that purchases edged up 0.2% after a 0.7% increase in July. However, a 0.2% increase in prices wiped out the slight spending gain. Incomes dipped 0.1%, the first decline since October 2009.
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Liz Claiborne wins dismissal of investor lawsuit
New York City -- A Thursday Reuters report said that Liz Claiborne has won the dismissal of a shareholder lawsuit that accused the company of misrepresenting its relationships with Macy's and J.C. Penney.
U.S. District Judge Richard Holwell said Thursday that the investors failed to show that Liz Claiborne intended to mislead them about the relationships.
The class period ran from Jan. 16 to April 30, 2007, the day before Liz Claiborne reported much lower-than-expected profit and sales at department store chains.