US consumer spending 'best in three years'

Gerald · 01-31-11, 03:57 PM

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

01-31-11, 03:57 PM	#1
Gerald SUBSIM Newsman 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