U.S. consumer spending, personal income up in April
U.S. consumer spending and personal income both increased in April, but the savings rate dropped, a sign of continuing economic recovery, the Commerce Department reported Friday.
Consumer spending gained 41.5 billion U.S. dollars, or 0.4 percent in April, after a revised 0.5 percent increase in March.
Personal income increased 46.1 billion dollars, or 0.4 percent last month, the same level as the previous month. Disposable personal income increased 35.1 billion dollars, or 0.3 percent, the department said.
Last month, the U.S. savings rate, personal saving as a percentage of disposable personal income, remained unchanged at 4.9 percent. The rate remains well above the 2.1 percent average savings rate for all of 2007.
In the first quarter of this year, the savings rate was recorded at 5.1 percent, the lowest level in more than two years. In the second quarter of 2010, the U.S. savings rate reached 6.2 percent, the highest quarterly level in recent years.
Consumer spending accounts for 70 percent of total U.S. economic activity. Experts expect a rebound in consumption will strengthen the economic recovery in 2011.
Source: Xinhua
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Consumer spending gained 41.5 billion U.S. dollars, or 0.4 percent in April, after a revised 0.5 percent increase in March.
Personal income increased 46.1 billion dollars, or 0.4 percent last month, the same level as the previous month. Disposable personal income increased 35.1 billion dollars, or 0.3 percent, the department said.
Last month, the U.S. savings rate, personal saving as a percentage of disposable personal income, remained unchanged at 4.9 percent. The rate remains well above the 2.1 percent average savings rate for all of 2007.
In the first quarter of this year, the savings rate was recorded at 5.1 percent, the lowest level in more than two years. In the second quarter of 2010, the U.S. savings rate reached 6.2 percent, the highest quarterly level in recent years.
Consumer spending accounts for 70 percent of total U.S. economic activity. Experts expect a rebound in consumption will strengthen the economic recovery in 2011.
Source: Xinhua
Weekly review May 20 World Economic Forum China office marks fifth anniversary May 18 China, Pakistan joined in bonds of brotherhood May 20 'Central axis' of Beijing applies for world cultural heritage May 20 In pictures: Int'l 'Financial Security' symposium opens in Beijing ! May 2 1 The week in pictures May 16 Beijing aims for massive influx of overseas talent in 2011 May 16 Singapore election coverage shows Western arrogance May 16 Chinese naval helicopter conducts target practice in Gulf of Aden May 17 Strategies for harmony between militaries of China, US May 17 Pakistani Prime Minister hails China as true friend Editor
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