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Americans Increase Spending at Slower Pace
U.S. consumer spending, which grew 0.4% from October to November, rose 0.2% last month, the Dept. of Commerce reports.
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U.S. consumer spending, which grew 0.4% from October to November, rose 0.2% last month, the Dept. of Commerce reports.
For the full year, Americans spent 3.6% more than in 2011. Personal consumption accounts for 70% of the country's economy.
Economists expect spending to grow more slowly this year because higher payroll taxes are dampening consumer confidence.
From November to December, household income climbed 2.6%, the biggest month-over-month jump in eight years. Most of the gains came from companies making dividend payments early because of the January hike in income taxes. Wages and salaries increased 0.6%.
For all of 2012 personal income grew 3.5% year over year.
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