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Us Consumers Use Savings To Pay For Basics

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The savings rate declined to 5.8pc in February from 6.1pc in January, as incomes rose a smaller-than-forecast 0.3pc on the month, the Commerce Department said.

In a blitz of data at the start of the week, a separate report showed that consumer spending climbed 0.7pc last month, a better number than forecast, which was welcomed by markets.

Sharp increases in the cost of food and petrol are tempering some of the optimism about a pick-up in growth that many on Wall Street began the year with.

While most economists still expect the world's biggest economy to beat the 2.9pc growth it recorded in 2010, few believe consumers can now match this quarter the performance they put in last quarter when their spending grew at the fastest rate since before the crisis.

Also considering the puny interest rate on offer there is no benefit in the proles saving, what's the point.

It's a catch 22, but no matter what the low paid will be shafted by the elites.

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WASHINGTON (Reuters) — Consumer spending rose for an eighth straight month in February as households tapped savings to cover higher food and energy prices.

Spending rose 0.7 percent in February after a 0.3 percent increase in January, and inflation accelerated at its fastest rate since June 2009’, the Commerce Department said on Monday.

Adjusted for inflation, spending was up 0.3 percent last month after being flat the prior month.

But at least spending was up!!!

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  • 297 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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