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Car shopper Matthew Miller browses through a dealership lot in Omaha, Neb. Americans bought automobiles at an annual rate of 16.7 million in July, well in excess of the annual average of 14.8 million vehicles between 2002 and 2011, according to Bank of Nova Scotia.
Car shopper Matthew Miller browses through a dealership lot in Omaha, Neb. Americans bought automobiles at an annual rate of 16.7 million in July, well in excess of the annual average of 14.8 million vehicles between 2002 and 2011, according to Bank of Nova Scotia.
(NATI HARNIK/AP)

New U.S. jobs, but not the same old demand

U.S. employers have added more than 1.5 million workers this year, and those people are spending money. Americans bought automobiles at an annual rate of 16.7 million in July, well in excess of the annual average of 14.8 million vehicles between 2002 and 2011, according to Bank of Nova Scotia. On Tuesday, the Institute for Supply Management said its index of activity in the non-manufacturing surged to 58.7, its highest level since the gauge was created in 2008.