Nmvtis
Consumers hang on to cut income
consumer spending floor for a record sixth-straight month in december as set-back-battered households, worried about surging layoffs, boosted their savings rates to the highest uniform since may.
economists contemplate consumer spending, which accounts for the largest portion of total remunerative bustle, to remain weak this year, prolonging an already hurting recession.
the commerce department reported monday that personal consumption spending dropped by 1 percent in december. that was slightly worse than the 0.9 percent weakening economists expected. the government also revised its november estimate lower to musical spending fell 0.8 percent rather than 0.6 percent in that month.
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