Economics
Consumer Spending Declined in December by Most in Five Years
U.S. Consumer Spending Down 0.3%, Incomes Rise 0.3%
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Consumer spending fell in December as households took a breather following a surge in buying over the previous two months.
Household purchases declined 0.3 percent, the biggest decline since September 2009, after a 0.5 percent November gain, Commerce Department figures showed Monday in Washington. The median forecast of 68 economists in a Bloomberg survey called for a 0.2 percent drop. Incomes and the saving rate rose.