U.S. consumer spending at 10-year high in 1999
WASHINGTON, Jan 31 (Reuters) - U.S. consumers boosted spending at more than twice the rate of their income
gains in December, the Commerce Department said on Monday, sacrificing savings to finance a holiday shopping
spree that pushed spending for all of 1999 up at the fastest rate in 10 years.
Spending in December rose 0.8 percent to a seasonally adjusted annual rate of $6.473 trillion following a 0.7 percent
rise in November, while incomes gained by 0.3 percent to $7.998 trillion after a 0.4 percent November pickup. For all
of 1999, spending on all kinds of goods and services climbed 6.9 percent
from 5.9 percent in 1998, the strongest yearly gain since a 7.2 percent jump in 1989.
WASHINGTON, Jan 31 (Reuters) - U.S. consumers boosted spending at more than twice the rate of their income
gains in December, the Commerce Department said on Monday, sacrificing savings to finance a holiday shopping
spree that pushed spending for all of 1999 up at the fastest rate in 10 years.
Spending in December rose 0.8 percent to a seasonally adjusted annual rate of $6.473 trillion following a 0.7 percent
rise in November, while incomes gained by 0.3 percent to $7.998 trillion after a 0.4 percent November pickup. For all
of 1999, spending on all kinds of goods and services climbed 6.9 percent
from 5.9 percent in 1998, the strongest yearly gain since a 7.2 percent jump in 1989.
