Consumer spending rises 0.3% in January

Real consumer spending increased a seasonally adjusted 0.3% in January to the highest level since May 2008 while after-tax incomes fell, the government reported Monday, a further sign that the economic recovery remains timid.

Adjusted for inflation, real spending on goods increased 0.8%, while spending on services rose an anemic 0.1%, according to the Commerce Department's estimates.

In current dollars, consumer spending rose 0.5% to a seasonally adjusted annual rate of $10.3 trillion for the first month of 2010.

The report was a "mixed bag," said economists for Merrill Lynch, noting weak income growth.

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- Posted: 2010-03-01 10:43:53

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