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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 386.47

-0.2%

Dec 5 4:00 PM EST

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To: TobagoJack who wrote (98910)	3/1/2013 10:47:33 AM
From: elmatador	Read Replies (1) of 218199

even though incomes slumped by the most in 20 years, indicating Americans were weathering a rise of the payroll taxes by dipping into their savings. US incomes suffer biggest fall in 20 years By Anjli Raval in New York US consumer spending ticked up in January even though incomes slumped by the most in 20 years, indicating Americans were weathering a rise in payroll taxes by dipping into their savings. Household purchases – which make up about two-thirds of the US economy – edged 0.2 per cent higher last month, in line with expectations, following a 0.1 per cent rise in December, the commerce department said. This sent the savings rate down to 2.4 per cent in January, the lowest level since November 2007, from 6.4 per cent the month prior. Incomes dropped 3.6 per cent – the biggest fall since January 1993 – after a 2.6 per cent jump in December. Economists said the drop in incomes was largely a reversal of the early dividend payments made at the end of 2012 by companies to beat the 2 percentage point increase in payroll taxes. “The unwind of the dividend and bonus boost to income in December and the expiration of the payroll tax cut eroded income,” said Millan Mulraine, strategist at TD Securities. Disposable income, or after-tax income, fell 4 per cent after adjusting for inflation, the biggest fall since monthly records began in 1959. A slowly improving labour and housing market have supported consumer spending gains in recent months, but economists said higher taxes and rising petrol prices may encourage more Americans to cut back on their outlays. “It is far too soon to argue the economy has dodged the payroll tax bullet; typically, cash flow shocks – usually gas

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