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发帖数: 3803 | 1 Beth Belton, USA TODAY9:59a.m. EST March 1, 2013
(Photo: Mark Wilson, Getty Images)
STORY HIGHLIGHTS
Huge income drop follows 2.6% surge in December
Most of December's income gain came from bonuses, dividends paid before
higher taxes kicked in
Consumer spending up 0.2%, driven by payments on higher heating bills
WASHINGTON (AP) — Personal income growth plunged 3.6% in January, the
biggest one-month drop in 20 years, the Commerce Department said Friday. And
consumer spending rose just 0.2% with most of it going toward higher
heating bills and filling up the gas tank.
The income drop was offset by Americans' savings a hefty 2.6% rise in
December. But most of that gain, analysts said, reflected a rush by
companies to pay dividends and bonuses before income taxes increased on top
earners at the start of 2013.
There were spending declines in January for big-ticket items that last three
years or more, like cars and appliances, and non-durable goods, like
clothing and food. Some economists said the declines could be blamed on a 2%
federal payroll tax cut expired Dec. 31. Income taxes on the wealthiest
Americans rose starting Jan. 1.
"With tax hikes and spending cuts buffeting the economy, growth in the first
half of the year is likely to be at a sub-2% pace," James Marple, senior
economist at TD Economics wrote in a note. "At this pace, the unemployment
will not improve and pressure will remain on the Federal Reserve to continue
its asset purchase program."
The near-term outlook for spending, which accounts for about 70% of economic
activity, isn't upbeat. It rose at a 2.1% pace in the fourth-quarter but
forecasts for the first quarter are far below that level. A big part of the
decline comes from gas prices. The nationwide average for a gallon of
unleaded gas has jumped 50 cents, about 15%, since Jan. 1 to $3.77. Some
relief is expected this spring.
"Households absorbed the large drop in income in January by reducing their
saving rather than their spending," a research note from Toronto-based
Capital Economics research firm said. "But the effects of the payroll tax
hike and the latest surge in gasoline prices will continue to constrain
consumption in the first quarter."
President Obama has several times this week said companies are already
laying off or preparing to lay off workers in response to the government's
mandated budget cuts. They go into effect at midnight Friday unless Obama
and Congress strike an 11th-hour deal that seems unlikely since many
congressional leaders have already left Washington to return to their home
states.
January's 0.2% consumer spending gain follows a downwardly revised 0.1% gain
in December, Commerce said Friday. Economists were not surprised on the
spending front; they had forecast a 0.2% increase.
Contributing: The Associated Press |
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