Consumer Spending Up In December
Consumer Spending Up In December
The US Commerce Department reported on Monday that consumer spending across the nation picked up in December.. The agency's data showed that consumer spending rose a seasonally adjusted 0.7 percent last month, after rising 0.3 percent in November. The data indicates that the nation's economy began 2011 with momentum, according to economists.
Incomes rose by 0.4 percent, but fell short of matching consumer spending gains. Analysts had projected a 0.4 percent rise in incomes and a 0.7 percent rise in spending. Wages and salary, considered a key factor for consumer spending, climbed 0.3 percent in December following a 0.1 percent increase in November.
Not surprisingly, with growth in incomes lagging that of spending, the nation's personal savings rate fell to 5.3 percent of disposable income from a rate of 5.5 percent in November. It's the lowest savings rate recorded since last March. The report also showed the nation's economy grew at a rate of 3.2 percent in the final quarter of 2010.
The US Commerce Department reported on Monday that consumer spending across the nation picked up in December.. The agency's data showed that consumer spending rose a seasonally adjusted 0.7 percent last month, after rising 0.3 percent in November. The data indicates that the nation's economy began 2011 with momentum, according to economists.
Incomes rose by 0.4 percent, but fell short of matching consumer spending gains. Analysts had projected a 0.4 percent rise in incomes and a 0.7 percent rise in spending. Wages and salary, considered a key factor for consumer spending, climbed 0.3 percent in December following a 0.1 percent increase in November.
Not surprisingly, with growth in incomes lagging that of spending, the nation's personal savings rate fell to 5.3 percent of disposable income from a rate of 5.5 percent in November. It's the lowest savings rate recorded since last March. The report also showed the nation's economy grew at a rate of 3.2 percent in the final quarter of 2010.
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