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US Consumer Spending Rises

   VOA News 23 December 2009
   Women  carry shopping bags as they cross a street in San Francisco, 21
   Dec 2009

Photo: AP

   Women  carry shopping bags as they cross a street in San Francisco, 21
   Dec 2009

   U.S.  consumers  grew less pessimistic and increased their spending in
   November, perhaps signs of economic recovery.
   Wednesday's report from the Commerce Department said personal spending
   rose half a percent during the month.
   Economists  track  consumer  spending  closely because consumer demand
   drives about two-thirds of all U.S. economic activity.
   A  separate  report  from  the  University  of Michigan shows consumer
   confidence  rose  by  5.1  percentage  points  to a reading of 72.5 in
   December as the pace of job layoffs slowed.
   Consumer  spending  has  been  hurt  by  high  unemployment,  but U.S.
   Treasury Secretary Timothy Geithner says the job market is improving.
   The U.S. economy had a net loss of more than 700,000 jobs per month at
   the  worst  of  the  economic crisis, but that eased to a loss of just
   11,000 jobs last month.
   Geithner  predicted  the economy will start posting a net gain in jobs
   in a few months.

   Some information for this report was provided by AP and Reuters.

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