Personal incomes, consumer spending rise |
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Published
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Thu, 01 Mar 2007 14:53
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WASHINGTON (AP) - Personal incomes rose in January at the fastest clip in a year, bolstered by bonus payments to high-income executives and pay raises for federal workers. The extra income helped support a better-than-expected rise in consumer spending.The Commerce Department reported Thursday that personal incomes rose by 1 percent in January while consumer spending was up by 0.5 percent. The income advance was the largest since a 1.3 percent jump in January 2006.The surprisingly strong gains in incomes and consumer spending, the major force driving the economy, came after a series of reports had raised worries about the severity of the current economic slowdown.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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US January personal incomes up 1.0 pct, largest rise in a year 