Friday, March 1, 2013

Incomes suffer biggest drop in TWENTY years, alarming new figures show

U.S. incomes tumbled by 3.6 percent in January marking its biggest drop in the last 20 years while consumer spending rose behind an increase in utility spending linked to a recent cold spell.

In the Commerce Department's report on Friday consumer spending increased 0.2 percent after a revised 0.1 percent rise the prior month. Spending had previously been estimated to have increased 0.2 percent in December.