WASHINGTON (AP) — Bouncing back from months of retrenchment, America’s consumers stepped up their spending by a solid 2.4% in January, the sharpest increase in seven months and a sign that the economy may be poised to sustain a recovery from the pandemic recession. Friday’s report from the Commerce Department also showed that personal incomes, which provide the fuel for spending, jumped 10% last month, the biggest gain in nine months, boosted by cash payments that most Americans received from the government. The January spending increase followed two straight monthly spending drops that had raised concerns that consumers, who power most of the economy, were hunkered down, too anxious to travel, shop and spend.
US consumers rebound to boost spending 2.4% as income jumps
