Americans Lifted their Spending in January
Friday, March 2nd, 2018 -- 7:59 AM
(AP) -Americans lifted their spending just 0.2 percent in January, while their incomes jumped because of last year's tax cuts.The Commerce Department says the modest spending increase followed gains of 0.4 percent in December and 0.8 percent in November. Incomes rose 0.4 percent, boosted by $30 billion in tax cut-related bonuses the government estimates were paid out in January.
After-tax income jumped 0.9 percent, the most in a year, lifted by the Trump administration's tax cuts. With consumers holding back on spending, the savings rate rose. Savings had fallen to a 12-year low in December.
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