US consumers rebound to boost spending 2.4% as income jumps

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Sat, 2021-02-27 02:03

WASHINGTON: Bouncing back from months of retrenchment, America’s consumers stepped up their spending by a solid 2.4 percent in January, the sharpest increase in seven months and a sign that the economy may be poised to sustain a recovery from the pandemic recession.
Friday’s report from the Commerce Department also showed that personal incomes, which provide the fuel for spending, jumped 10 percent last month, the biggest gain in nine months, boosted by cash payments that most Americans received from the government.

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