December 21, 2012 |
WASHINGTON -- Consumer spending rose 0.4% in November after a drop the previous month attributed to Superstorm Sandy, the Commerce Department reported Friday. Personal income also increased last month, jumping 0.6% from October, giving consumers more money in their wallets to spend. The new figures showed Americans shrugged off concerns last month about the large tax increases and government spending cuts looming Jan. 1, known as the fiscal cliff. Personal consumption expenditures increased $41.3 billion in November after falling by $20.2 billion, or 0.1%, in October, the Commerce Department said.
January 31, 2014 |
WASHINGTON -- Consumers opened their wallets more than expected last month even though their incomes failed to grow, another indication the economy picked up steam heading into the new year, the Commerce Department said Friday. Spending rose 0.4% in December after an upwardly revised 0.6% increase the previous month. Economists had projected so-called personal-consumption expenditures increased only 0.2% last month. "The consumer has a lot of spending momentum and is off to a good start for 2014," said Chris Rupkey, chief economist at Bank of Tokyo-Mitsubishi in New York.
September 12, 2012 |
WASHINGTON -- Several years of rising poverty in the United States came to a halt in 2011 as more workers found full-time work, but overall household incomes on average continued a decade-long slide and inequality rose further last year, the government said Wednesday. The Census Bureau's annual report on income, poverty and health insurance coverage surprised analysts, who were projecting another tick up in the poverty rate, given the still-high unemployment rate and significant layoffs last year at local government offices.
April 18, 1991 |
People living along the East Coast enjoyed the fastest income growth during the record prosperity of the 1980s, the Commerce Department said Wednesday. At the top of the list were residents of New Jersey, whose per-capita incomes jumped an average 8% annually, to $24,968, between 1980 and 1990, according to a study by the department's Bureau of Economic Analysis. The national average was 6.5% annual growth, to $18,685, for the decade.
December 3, 2012 |
Speaking to donors after the election, Mitt Romney attributed his loss to President Obama to the administration's strategy of "giving a lot of stuff" to blacks and Latinos, citing in particular "free healthcare" and "amnesty for the children of illegals. " But data show a more plausible explanation: Black, Latino and Asian American voters, who overwhelmingly voted for Obama, were simply evaluating the long-term record of each party. The data we analyzed show unequivocally that minorities fare better under Democratic administrations than under Republican ones.
December 21, 2012 |
WASHINGTON - With the sudden collapse of House Speaker John A. Boehner's Plan B to avert most year-end tax increases, President Obama and congressional leaders face a daunting choice: compromise in the few days remaining before tax hikes and spending cuts kick in, or call it quits and soar off the "fiscal cliff. " Obama appeared in the White House briefing room late Friday to urge congressional leaders to at least prevent income tax increases on household income of less than $250,000, continue long-term unemployment benefits and delay the mandatory spending cuts set to begin in January.