Consumer Spending Up in December
POSTED: Monday, January 31, 2011 - 9:07am
UPDATED: Tuesday, February 1, 2011 - 3:50am
U.S. Consumer spending went up more than expected in December, making it the sixth straight month of gains, as households spent their savings to make purchases.
The Commerce Department said spending increased 0.7 percent, after it rose by 0.3 percent in November.
Consumer purchases for all of last year rose at the fastest pace in 3 years, as people boosted spending by over 3%. Economists expect further gains this year.