Americans' personal income rose by 0.4% in December from November and they boosted their spending by 0.2%, the Bureau of Economic Analysis reports.
The Associated Press reports that the increase in personal income was "more than expected" and that the rise in spending was the third monthly increase in a row -- "helping the economy slowly recover from the worst recession in decades."
Bloomberg News says the rise in spending is a sing that "the biggest part of the economy will contribute more to growth in coming months." Consumers purchase a little more than two-thirds of all goods and services.
