{"id":63556,"date":"2016-02-01T09:12:53","date_gmt":"2016-02-01T14:12:53","guid":{"rendered":"http:\/\/www.businesspundit.com\/?p=63556"},"modified":"2020-09-21T13:34:00","modified_gmt":"2020-09-21T17:34:00","slug":"us-consumers-are-saving-more-and-spending-less-02-2016","status":"publish","type":"post","link":"https:\/\/www.businesspundit.com\/us-consumers-are-saving-more-and-spending-less-02-2016\/","title":{"rendered":"US consumers are saving more and spending less"},"content":{"rendered":"

\"Consumer<\/p>\n

US consumers are cutting back on purchases and putting more money away for a rainy day.<\/p>\n

Consumer spending remained unchanged in December as customers cut back on purchases of automobiles and\u00a0unseasonably mild weather weighed on demand for utilities.<\/p>\n

That reduction in spending led to a big jump in savings, which reached a three-year high.<\/p>\n

The Commerce Department said on Monday the unchanged reading in consumer spending followed an upwardly revised 0.5% increase in November. When adjusted for inflation, consumer spending edged up 0.1% after a 0.4% gain in November.<\/p>\n

Analysts believe consumer spending, which accounts for two-thirds of US economic activity, was up 0.1% in December.<\/p>\n

Consumer spending increased 3.4% in 2015 after a 4.2% increase in 2014.<\/p>\n

That data was included in last Friday’s fourth-quarter gross domestic product report, which showed consumer spending slowed to a 2.2% annual rate from the third quarter’s 3% pace.<\/p>\n

Other increases included an income jump of 0.3% in December, a wages and salaries increase of 0.2%, and an overall increase in income for 2015.<\/p>\n

The report says savings increased by $753.3 billion in December, the highest level since December 2012. In comparison, November savings reached $717.8 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"

US consumers are cutting back on purchases and putting more money away for a rainy day. Consumer spending remained unchanged in December as customers cut back on purchases of automobiles and\u00a0unseasonably mild weather weighed on demand for utilities. That reduction in spending led to a big jump in savings, which reached a three-year high. The […]<\/p>\n","protected":false},"author":39,"featured_media":63557,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1197],"tags":[9848,8669,4956],"class_list":{"0":"post-63556","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-consumer-demand","9":"tag-consumer-spending","10":"tag-savings"},"acf":[],"wps_subtitle":"","_links":{"self":[{"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/posts\/63556","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/comments?post=63556"}],"version-history":[{"count":2,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/posts\/63556\/revisions"}],"predecessor-version":[{"id":63559,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/posts\/63556\/revisions\/63559"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/media\/63557"}],"wp:attachment":[{"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/media?parent=63556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/categories?post=63556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/tags?post=63556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}