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News Summary: US consumer spending up 0.2 percent
Thursday - 1/31/2013, 1:56pm EST
(AP) - SPENDING GROWTH SLOWS: U.S. consumers increased their spending 0.2 percent in December, slightly slower than November's 0.4 percent gain.
INCOME SURGE: Income rose 2.6 percent in December from November, the biggest gain since 2004. Companies accelerated dividend payments ahead of tax increases for high-earners that began on Jan. 1. Wages and salaries grew 0.6 percent.
OUTLOOK: Consumer spending, which accounts for 70 percent of economic activity, is expected to slow this year. That's because consumers are receiving less take-home pay starting in January because of an increase in Social Security taxes.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)