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Personal Income, Spending Rose In December

Personal income and spending in the U.S. rose in December last year, indicating that the average consumer is growing more confident about the economic recovery and the financial situation. While income increased by $54.5 billion or 0.4 percent, in December month-on-month, personal spending rose $69.5 billion, or 0.7 percent, the Bureau of Economic Analysis (BEA) said on Monday. Markets had expected income to rise 0.5 percent and spending by 0.6 percent. Personal savings totaled $614.1 billion in December, compared with $634.4 billion in November. Manufacturing payrolls increased $0.2 billion in December following a contraction of $2.5 billion in the previous month. Besides, services payrolls rose sharply by $14 billion compared with an increase of $8.4 billion in November last year. Also, government wage and salary disbursements increased $1.6 billion, compared with an increase of $1.3 billion.