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US consumer spending fell 0.2% in December, hampers economic recovery

US consumer spending fell 0.2% in December, hampers economic recovery

The US Commerce Department announced that Americans spent less for a straight second month in December. Spending fell by 0.2% as Americans avoided traveling, shopping and dining out. Retail sales showed decline for third straight month. The data also showed personal income remained almost flat, showing a rise of just 0.6%. The new figures have raised concerns for a struggling pandemic-hit economy.

Timothy
Timothy
Top in Business