WASHINGTON: U.S. personal income fell for the first time in more than three years in January as dividends and interest payments dropped, pointing to moderate growth in consumer spending after it fell by the most since 2009 in December.
When adjusted for inflation, consumer spending fell 0.6 percent in December, also the largest drop since September 2009, after rising 0.5 percent in November. Still, consumer spending likely remains supported by an accumulation of savings. In December, savings increased to US$1.2 trillion, the highest level since December 2012, from US$961.3 billion in November. The saving rate jumped to a three-year high of 7.6 percent.
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