BUSINESS MEMO: CONSUMERS SPLURGE

American consumers went on a buying binge in July, racking up spending twice as fast as their incomes grew. That drove down the nation's personal savings rate to the lowest point recorded.

After spending cautiously during the spring, consumers splurged last month, increasing their spending by a brisk 0.6 percent, the biggest jump since February, the Commerce Department has reported.

Spending rose a little bit faster than the 0.5 percent gain many analysts were anticipating. Americans' incomes, which include wages, interest and government benefits, meanwhile, grew by a modest 0.3 percent in July, matching analysts' expectations.