Incomes, Consumer Spending Rise in December

Washington, DC, Feb. 1, 2010--Incomes rose more than expected in December and consumer spending increased for the third straight month, the Commerce Department said

The government said Monday that incomes rose by 0.4 percent, the sixth straight increase, better than analysts'expectations of 0.3 percent growth.

Income growth was spurred by a large, one-time social security payment. Wages and salaries rose by only 0.1 percent, or $9.1 billion, after increasing 0.4 percent, or $27 billion, in November.

Consumer spending, meanwhile, increased by 0.2 percent, less than analysts' forecasts of 0.3 percent. The department also revised November's figure to show a 0.7 percent increase in spending, higher than the initial estimate of 0.5 percent.