Vladimír Urbánek (Kurzy.cz)
Macroeconomics  |  March 01, 2013 15:00:41

U.S. - Consumer spending rose in January despite the growing tax burden, Americans saved less in banks

According to statistics from the U.S. Commerce Department in January consumer spending in the U.S. rose by 0.2% compared to growth of 0.1% in December, which is filled with market expectations. Overall, the market estimates ranged from -0.2 to +0.4%.
U.S. household consumption stretches roughly 70% of the whole economy.

Personal income Americans in January fell by 3.6%, the largest drop since January 1993. In December, revenues fell by 2.6%. January is usually a weak month because most companies focus on corporate bonuses December. December 2012 has been badly affected by the payment of an exceptional dividend in an effort to prevent their tax, which applies from the beginning of the year.

Savings rate in January dropped to 2.4% from December's 6.4% and was the lowest since November 2007 .. Disposable income after seasonal adjustment, fell by 4%, which is the most since the start of monitoring data in 1959.

For 4Q12 consumer spending rose by 2.1% compared to 1.6% in 3Q12.
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