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Incomes, Personal Savings Jump
Personal incomes jumped 0.5% in April, following two straight months of declines, the Commerce Department said. The improvement in April was due to tax cuts and benefit payments from the Obama administration's stimulus package, the government noted. Wages and salaries, however, were flat in April, while consumer spending dipped 0.1%. With total income growth far outpacing spending, Americans' personal savings rate climbed to 5.7%, the highest since February 1995. The jump in savings reflects a thriftier consumer whose wealth, tied to savings, investment holdings and home values - has been damaged by the recession. It also reflects consumer anxiety about rising unemployment.
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Date Last Updated: 06/03/2009
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