February 2, 2009
Consumer Spending, Payrolls Down
By Matthew L. Brown
Consumer spending fell for the sixth straight month in December, according to the U.S. Department of Commerce.
The decrease ended the worst year for consumer spending since 1961, the department said. Purchases dropped by 1 percent after decreasing by 8 percent in November. The department also said personal savings rose by 3.6 percent during the month.
Disposable income increased by 0.3 percent in December after increasing by 0.8 percent in November. Payrolls decreased across all industries in the department's report as overall private wage and salary disbursements decreased by $23.5 million compared to November.
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