News Article(permalink)
Americans saw their incomes surge by 10 percent last month entirely due to the pandemic aid program that Congress approved in December, according to government data Friday. And yet spending only increased by 2.4 percent, the Commerce Department reported, higher than prior months but indicating consumers are holding onto their savings for now. The data showed the PCE price index favored by the Federal Reserve rose 0.3 percent in January, and was 1.5 percent higher than a year earlier. hs/ec
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