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Americans Are Spending Again

Is it good news that U.S. consumer spending revved up to a three-year high in 2010? It could make for some improvement, especially if employment picks up to bolster Americans’ consumption habits in coming months, according to the BBC. –KA

BBC:

Spending grew by 3.5% from 2009 the Commerce Department said, the best showing since a 5.2% rise in 2007 — before the country went into recession.

The 2010 levels were helped by a strong December, where spending grew by 0.7%, the sixth consecutive month of growth.

Consumer spending makes up more than two-thirds of activity in the US, the world’s largest economy.

Rising incomes and the faster increase in spending meant that the savings rate dipped slightly in December, the data showed.

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