About: http://data.cimple.eu/news-article/b7c5dd58a51766ba811a9822c52719d902593a6383bbf5ad1d1b76fa

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About: http://data.cimple.eu/news-article/b7c5dd58a51766ba811a9822c52719d902593a6383bbf5ad1d1b76fa Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	Americans saw their incomes rise more than expected and spending sink less than forecast in December, thanks to continued support from the government, the Commerce Department said Friday. Even as data indicates well over one million people are laid off in the world's largest economy each week, personal income increased by 0.6 percent or $116.6 billion in December, while expenditures decreased only $27.9 billion or 0.2 percent, both better than expected. The income gain came after a 1.3 percent decline seen in November, and the Commerce Department attributed the increase to both financial dividends and government stimulus packages. Income was in particular supported by a $900 billion measure Congress approved last month that refreshed small business aid and expanded unemployment benefits first provided under a separate bill passed as the Covid-19 pandemic began in March. Spending nonetheless declined, with the data showing consumers especially avoiding trips to restaurants and other food industry businesses, a sector already hit hard by Covid-19, as well as purchases of recreational equipment. As the coronavirus pandemic wears on in the United States even as vaccines are being rolled out, Rubeela Farooqi of High Frequency Economics warned consumers may increasingly opt to hold on to their money in the coming months. "Not only will consumption start from a weak base but containment measures that are restricting activity will likely weigh on spending," and the first quarter of 2021 could see more weakness, she said. As consumers spent less but received more, the data showed the personal savings rate climbing 13.7 percent to $2.38 trillion, its highest level since September. cs/dw
schema:headline	Aid infusions keep US income afloat in December, spending falls
schema:mentions	Unemployment benefits United States Congress Pandemic United States Coronavirus disease 2019 Weak base High Frequency Economics Farooqi Data warehouse United States Department of Commerce
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-01-29 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	neutral sentiment
http://data.cimple...readability_score	70 (xsd:integer)

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