Spend, spend, spend! Buy, buy, buy! That’s what all of you have been doing, especially at the end of 2010, says a new report from the Commerce Department, leading to an uptick in consumer spending which is helping to boost the economy. Good job!
It’s okay if your pockets are empty and your apartment/house is full of random stuff you don’t need, because you’re contributing: According to the report, Americans spent at the fastest pace in four years and U.S. companies sold more overseas, says the New York Daily News.
This could mean a good 2011 for the economy, but even more growth has to happen to counteract high unemployment. Growth went up at a rate of 3.2% in October-December, up from 2.6% growth in the previous quarter.
Things seem to slowly but surely be getting better each year, aided by renewed consumer spending, which accounts for around 70% of overall economic activity, says the NYDN.
Good job, everyone. Now get out there and get your hands on that sweet little food processor you’ve been eying. Yeah, you know the one.
Consumer spending uptick helps boost U.S. economic growth [New York Daily News]