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By Mark Davis
The nation founders, the Lone Star State thrives
Topic - Joseph Lavorgna
The economy might not be on the brink of another recession after all. Consumers, who drive most economic growth, spent more on cars, furniture, electronics and other goods in July — and more in May and June than previously thought. That burst of activity is encouraging because it shows many Americans were willing to spend despite high unemployment, scant pay raises, steep gas prices and diminished wealth.
"Despite the rise in mortgage rates and house prices, housing affordability will still be well above its long-term average," said Joseph LaVorgna, an economist at Deutsche Bank.
The applications figures "suggest the labor market is getting better, the issue remains the extent of the improvement," said Joseph LaVorgna, an economist at Deutsche Bank.