US Consumer Spending on the Rise

Consumer spending in the US rose by 0.2 percent in December to mark the third straight monthly increase. Analysts had predicted a greater increase after November’s 0.7 percent improvement but the result still bodes well for an overall recovery.

“Consumers have the wherewithal to support good spending, however they are going to be reticent until they see a few good months of job gains,” said Craig Thomas, a senior economist at PNC Financial Services Group Inc. in Pittsburgh. “2010 is lined up to be a moderately good year.”

Source: Bloomberg

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