Getting your player ready...
WASHINGTON — The U.S. economy kept steadying in midsummer, but a weak labor market and timid consumers suggested a subdued recovery. A Federal Reserve report Wednesday described consumer spending as soft in much of the U.S. and said retail sales were flat, even with the government’s Cash for Clunkers program.
A high unemployment rate — 9.7 percent last month — has given Americans second thoughts about pulling out their wallets. Dow Jones Newswires
