View Single Post
Old 01-31-11, 03:57 PM   #1
Gerald
SUBSIM Newsman
 
Gerald's Avatar
 
Join Date: May 2008
Location: Close to sea
Posts: 24,254
Downloads: 553
Uploads: 0


US consumer spending 'best in three years'

Consumer spending in the US grew at its fastest pace in three years during 2010, official figures have shown.

Spending grew by 3.5% from 2009 the Commerce Department said, the best showing since a 5.2% rise in 2007 - before the country went into recession.The 2010 levels were helped by a strong December, where spending grew by 0.7%, the sixth consecutive month of growth.

Consumer spending makes up more than two-thirds of activity in the US, the world's largest economy.

Rising incomes and the faster increase in spending meant that the savings rate dipped slightly in December, the data showed.

Economists expect that spending and savings will be boosted further in 2011, if the job market continues to slowly improve and with a cut in payroll tax.

http://www.bbc.co.uk/news/business-12327467

Note: 31 January 2011 Last updated at 15:29 GMT
__________________
Nothing in life is to be feard,it is only to be understood.

Marie Curie





Gerald is offline   Reply With Quote