WKYT | Lexington, Kentucky | News, Weather, Sports

US consumers boost spending 0.2 pct. last month

WASHINGTON (AP) - Americans spent more in March and their income grew, the latest indication that consumers are shrugging off a tax increase.

The Commerce Department says consumer spending increased 0.2 percent in March. That followed a 0.7 percent jump the previous month and a 0.3 percent gain in January.

Income increased 0.2 percent last month, following a gain of 1.1 percent in February. After-tax income also rose 0.2 percent.

Higher incomes helped offset an increase in Social Security taxes that kicked in Jan. 1. On Friday, the government said consumer spending rose in the January-March quarter at the fastest pace in more than two years.

Spending on services drove the increase. One reason services were higher: Americans paid more to heat their homes during a unseasonably cold March.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus

WKYT

2851 Winchester Rd. Lexington, Ky 40509 859-299-0411 - switchboard 859-299-2727 - newsroom
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 205212781 - wkyt.com/a?a=205212781
Gray Television, Inc.