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US Consumers Rebound To Boost Spending 2.4% As Income Jumps

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FILE - In this Dec. 10, 2020 file photo, a woman carries shopping bags in New York. The nation’s largest retail trade group is forecasting strong retail sales growth in 2021 that could surpass last year's pace as individuals get vaccinated and the economy reopens. The National Retail Federation anticipates that retail sales will grow between 6.5% and 8.2% to more than $4.33 trillion this year. (AP Photo/Mark Lennihan, File)

(AP) — Bouncing back from months of retrenchment, America’s consumers stepped up their spending by a solid 2.4% in January in a sign that the economy may be making a tentative 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% last month, boosted by cash payments most Americans received from the government. The  January spending increase followed two straight monthly spending drops that had raised concerns that consumers, who power most of the economy, were hunkered down, too anxious to travel, shop and spend.

 

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