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March 1, 2004
Economy Continues to Improve

The Commerce Department reports today that consumer spending continues to increase, growing at a rate of 0.4% in January, in line with investor expectations and continuing to demonstrate the strength of the economic recovery:

The over-the-month increase reported by the Commerce Department on Monday matched analysts' expectations. The advance came after a bigger 0.5 percent rise in December, which was slightly stronger than first estimated a month ago.

Disposable incomes what's left after taxes rose by 0.8 percent in January, up from a 0.3 percent increase the month before. January's sizable increase was helped out by a number of factors, including a reduction in federal incomes taxes and pay raises for government workers and those in the military.

The news gets even better when you look at non-durable spending, like food and clothing, and services, both of which grew faster than the overall rate. Personal savings is up to 1.8% and businesses are increasing capital spending, indicating that new job creation is about to explode. Democrats who argue economic disaster may be digging their own political graves later in the year...

Sphere It Digg! View blog reactions
Posted by Ed Morrissey at March 1, 2004 9:31 AM

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