U.S. Consumer Spending Rose In February
March 29, 2013 by UPI - United Press International, Inc.
WASHINGTON (UPI) — Consumer spending rose 0.7 percent and incomes were up 1.1 percent in February, the U.S. Commerce Department said Friday.
Personal spending rose by $77.2 billion, with help from a $143.2 billion boost in incomes.
Disposable incomes increased by $127.8 billion, or 1.1 percent, the department said.
The figures represent a turnaround for workers, who had incomes drop by 3.7 percent and disposable incomes slide 4 percent in January.
Wages regained almost to the dollar what had been lost in January. The $42.7 billion drop in wages in January turned to a $42.4 billion gain in wages and salary disbursements in February.
Personal savings in February totaled $310.9 billion, up from $262.5 billion in January. The savings rate — personal savings as a percentage of disposable income — rose to 2.6 percent in February from 2.2 percent in the previous month.