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22nd August 2011

A household finance index from financial information firm Markit has fallen for the third month; meaning that spending is at its lowest level since the survey was first compiled in February 2009.

The Guardian reports amost 40% of households, whose spending accounts for two-thirds of the economy, saw their finances worsen between July and August, compared with fewer than 6% who reported an improvement.

Tim Moore, a senior economist at Markit noted that in August there was a steep drop in take-home pay and this reduced income was squeezed further by rising inflation.

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