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Consumer spending cools in Dec while savings hit three-year high

Higher savings, rising home prices should help soften blow from stocks sell-off, drive spending in early 2016
Tuesday, February 2, 2016 - 05:50

Moderate consumer spending, weak export growth and efforts by businesses to reduce unsold merchandise piled up in warehouses helped restrict economic growth to a 0.7 per cent pace in Q4.


US consumer spending was unchanged in December as households cut back on purchases of cars and unseasonably mild weather weighed on demand for utilities, but a jump in savings to a three-year high suggested there is enough muscle to boost consumption in the months ahead.

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