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U.S. Consumer Spending, Income Rise in December
Feb 1,2013 09:08CST
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Source:SMM
U.S. families continued to see their incomes rise in the last month of 2012 and boosted their spending, a positive sign for the economic recovery.

WASHINGTON, Feb. 1-- U.S. families continued to see their incomes rise in the last month of 2012 and boosted their spending, a positive sign for the economic recovery, the Commerce Department said on Thursday in a report.

U.S. personal income posted a solid gain of 2.6 percent in December, after a 1.0-percent gain in November, said the department.

U.S. personal consumption expenditures (PCE) rose 0.2 percent in December, after an increase of 0.4 percent in the previous month, according to the report.

The U.S. savings rate, or personal saving as a percentage of disposable personal income, jumped to 6.5 percent in December from 4.1 percent in the previous month. It remained well above the average level of 2.1 percent for all of 2007 before the financial crisis.

Economists held that economic uncertainties have pushed Americans to save more of their additional income. Consumer spending accounts for about 70 percent of the U.S. economic activity.

 

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