US consumer spending up 0.5 per cent in December

WASHINGTON — Consumers boosted spending in December at the fastest pace in three months, giving the economy some momentum going into 2017.

The Commerce Department says consumer spending advanced 0.5 per cent in December, a major improvement over the modest 0.2 per cent gain in November. It was the best showing since spending had jumped 0.7 per cent in September. Incomes also showed some improvement, rising by 0.3 per cent in December, spurred by a rebound in growth in wages and salaries.

Consumer spending is closely watched since it accounts for 70 per cent of economic activity. Overall growth had slowed to a weaker-than-expected 1.9 per cent gain in the October-December quarter because of a slump in exports. But economists are looking for a rebound in the current quarter.

Martin Crutsinger, The Associated Press

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