Business and Finance
CONSUMER SPENDING jumped 0.9% for the second straight month in July, more than double the modest 0.4% rise in personal income. The pattern continued to defy economists' predictions of slower spending. Some analysts cautioned that the higher spending bodes ill for the nation's massive trade deficit.</br></br>Oil prices dipped near $18 a barrel and ended at a four-month low on reports of OPEC overproduction. Meanwhile, several big U.S. oil companies lowered the price they pay for the leading grade of domestic crude.</br></br>U.S. oil and gas drilling has risen from last year's depressed level despite lower petroleum prices.</br></br>---</br></br>The dollar closed mixed after Japan reportedly moved to boost the currency but failed to follow through later in the day. Worry about the dollar's slide sent the Dow Jones industrials down 12.43 to 2697.07 as bonds edged lower.