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U.S. Wages Jump 0.5% in December, Spending Dips

MarketWatch (01/30/12) Jeffrey Bartash

The wages of U.S. workers increased sharply in December, with personal income rising by 0.5%, according to the U.S. Commerce Department. Meanwhile, personal spending declined by less than 0.1%. As a result, the personal savings rate rose to 4.0% from 3.5% in November. Economists surveyed by MarketWatch had forecast income to rise by 0.4% and spending to increase by 0.1%.