Income slumps

[Capt Worley PE]

Consumer spending in the U.S. rose in January even as incomes dropped by the most in 20 years, showing households were weathering the payroll-tax increase by socking away less money in the bank.

Household purchases, which account for about 70 percent of the economy, climbed 0.2 percent after a 0.1 percent gain the prior month, a Commerce Department report showed today inWashington. The median estimate in a Bloomberg survey of 76 economists called for a 0.2 percent advance. Incomes slumped 3.6 percent, sending the saving rate down to the lowest level since November 2007.

Disposable income, or the money left over after taxes, dropped 4 percent after adjusting for inflation, the biggest plunge since monthly records began in 1959.

http://www.bloomberg.com/news/2013-03-01/consumer-spending-in-u-s-climbs-even-as-taxes-hurt-incomes.html

 

[Master slacker]

HOPE! CHANGE!

 

[cdcengineer]

^ Sounds like the right campaign slogan now. I didn't see any need for change back in 2008. My retirement was fine as well as my income, property values, etc..