New data released today from the U.S. Commerce Department’s Bureau of Economic Analysis revealed consumer spending rose 0.3 percent to 0.7 percent in February 2011, marking the eight straight month of increases. The data also attributed much of the increase to consumers paying higher prices for groceries and gasoline.
Personal income increased 0.3 percent in February, nearly consistent with private-sector forecasts of a 0.4-percent increase. Wages and salaries rose a favorable 0.3 percent. Personal income figures for both December and January also were revised upward.
“The good news in today’s report is that wages and salaries—an important and large component of personal income—are strong and rising," said U.S. Commerce Department Chief Economist Mark Doms. “Going forward, we hope to see even stronger growth in consumer spending as the economy expands thanks to key investments by this Administration focused on job creation and global competitiveness."
Sources:
* U.S. Commerce Department: Personal Income and Outlays, February 201
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