Did your personal income or spending go up in December?

Please retweetDecember produced modest gains in personal income and consumer spending, helping the economy recover from the worst recession in decades.  While the Commerce Department indicates that personal income rose 0.4 percent against analysts’ expectations of 0.3 percent growth, consumer spending rose 0.2 percent against analysts’ expectations of 0.3 percent growth.  Consumer spending accounts for 70 percent of total economic activity.  The down economy has induced Americans to watch their spending more carefully as they saved 4.8 percent of their incomes in December, a sharp rise from spring of 2008, when the savings rate fell below 1 percent.  Read more

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Francis M. Unson

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