Credit, Economy and Financial News from TruckingFactor.com

Personal Incomes Down in February

Reflecting the massive amount of layoffs over the past several months, personal incomes fell 0.2% in February, the Commerce Department reported. However, consumer spending increased 0.2% in February, the second straight gain, the government said. With incomes down and spending up, the personal savings rate dipped slightly to 4.2% in February from 4.4% in January. Nevertheless, the last two months marked the first time that the savings rate has been above 4% in more than a decade. Many economists believe consumers will continue to limit spending and look to shore up savings in the coming months due to the severe recession.

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Date Last Updated: 04/02/2009