U.S. consumer spending rebounds in January
Tweet
Share
E-mail
FILE PHOTO: People count money at Macy's Herald Square store during the early opening of the Black Friday sales in the Manhattan borough of New York, November 26, 2015. REUTERS/Andrew Kelly/File Photo
WASHINGTON (Reuters) - U.S. consumer spending rebounded strongly in January as the government doled out additional pandemic relief money to low-income households and new COVID-19 infections dropped, setting up the economy for faster growth in the first quarter.
Consumer spending, which accounts for more than two-thirds of U.S. economic activity, jumped 2.4% last month after decreasing 0.4 in December, the Commerce Department said on Friday. Personal income shot up 10% last month.
Economists polled by Reuters had forecast consumer spending rebounding 2.5% in January and income accelerating 9.5%.
(Reporting by Lucia Mutikani; Editing by Alex Richardson)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Global S&P Futures mixed in premarket
- Ulta Beauty beats estimates as sales rise, shares gain
- Citi cuts Abercrombie rating after stock surge, lifts price target
Create E-mail Alert Related Categories
General News, ReutersRelated Entities
Personal Income/SpendingSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
