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LATEST US DATA

December consumer spending up 0.4% but savings drop to 10-year low

Savings slide to recession levels of December 2007; which could affect future consumption and economic growth

Washington

US consumer spending rose solidly in December as demand for goods and services increased, but the gain came at the expense of savings, which dropped to a 10-year low in a troubling sign for future consumption and economic growth.

The Commerce Department said on Monday

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