Consumer Spending Ahead of Expectations
Washington, DC, Jan. 31, 2014 -- Consumer spending rose more than forecast in December even as incomes were flat, according to the Commerce Department.
Household spending, which accounts for about 70% of the economy, rose 0.4%, after a 0.6% gain in November.
Consumers spent more on services, but they bought fewer long-lasting items like appliances. Durable goods purchases fell 1.4%, the first drop in three months.