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Ranks of Millionaire Households at Record 9.3 Million 

The ranks of households with a net worth of at least $1 million grew 5% to an all-time high of 9.3 million, according to a report released Monday by TNS. he report covers the year through mid-2006; the value of primary residences was not included.

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Consumer Spending Weakest in 8 Months Despite Solid Income Growth

Consumer spending grew at the weakest pace in 6 months in March, despite solid income growth and good news on a key inflation reading in the government's latest measure of the U.S. economy. The weak spending came even as the report showed individual incomes jumped 0.7% in March. 

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Overheating Worries: China Economy Sizzles with 11.1% Growth in Q1 07

China's economy surged 11.1% in the first quarter, causing the country's Cabinet to declare Thursday it will take steps to keep the economy from overheating, reports AP. It was the highest growth rate since Q2 2006's 11.5% growth, the fastest in a decade.

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China Trade Surplus Falls Sharply to $6.9 billion in March 

China's trade surplus in March fell to $6.9 billion, well below forecasts and down sharply from February's $23.7 billion surplus, reports AP. It was not clear whether the drop in March was the result of government efforts or would have a lasting impact.

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U.S. Service Sector Expands at a Slower Rate in March: ISM Report

Business activity in the service sector increased at a slower rate in March 2007, according to the latest ISM report by the nation's purchasing and supply executives. The index of business activity in the non-manufacturing sector registered 52.4 in March, down from 54.3 in February. Wall Street was expecting a reading of 54.7. The index is at its lowest level since April 2003.

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Consumer Spending, Personal Incomes Rise; Inflation Rises Fastest in 6 Months

Personal income increased $65.4 billion, or 0.6% in February while , consumer spending also rose by 0.6% or $55.5 billion, according to the Bureau of Economic Analysis. Private wage and salary increased $19.3 billion in February, compared with an increase of $64.9 billion in January because of bonus payments in January.

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Q4 GDP Growth Better Revised Upwards to 2.5%

US GDP, a measure of total goods and services output within U.S. borders, grew at a 2.5% annual rate during Q4 2006, higher than the 2.2% reported a month ago, and up from 2% in the third quarter, according to the Commerce Department, reports Reuters. 

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Business-Spending May Slowdown to 4.3% this Year, the Slowest Since 2003

A slowdown in business investment that the Federal Reserve expects to end without much damage to the economy may instead linger long enough to hurt job growth, according a article from Bloomberg today. Some key highlights include:

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Chinese Consumer Market to Hit $8.8 trillion by 2020; Becomes Second Largest by 2015

China is on course to become the world's second-largest consumer market by 2015, according to Credit Suisse, reports Reuters. Credit Suisse projects that the value of Chinese consumption will hit $8.8 trillion by 2020, fueled partly by a 5% yearly appreciation in the yuan between now and then.

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Existing-Home Sales Rise in February to Highest Level Since Last April

Existing-home sales rose a strong 3.9% to annual rate1 of 6.69 million units in February following a healthy gain in January, reaching the highest level since last April, according to the National Association of Realtors. The national median existing-home price for all housing types was $212,800 in February, down 1.3 percent from February 2006 when the median was $215,700. 

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