Consumer Spending Rose 0.7% In December

The Commerce Department reported consumer spending rose to a seasonally adjusted 0.7% in December, indicating that the economy entered into Q1 with momentum.Income rose 0.4% in December for the second straight month. The savings rate fell to 5.3% in December from 5.5% in November.Economists had expected a 0.4% increase in income and a 0.6% gain in spending.

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