Pennies saved

National | Business | Dan Perkins

Pennies saved

IN A TURNAROUND FROM RECENT years, incomes are rising faster than consumer spending, which could provide the economy with more needed capital investment in coming months.

While total income rose 0.4 percent, the Commerce Department reported that consumer spending increased 0.2 percent in February, well below the 0.5 percent jump seen in January.

"People are continuing to spend, though they are not breaking down the doors to the malls," said Joel Naroff, president of Naroff Economic Advisors.

Some analysts believe that could change this spring with tax refunds arriving in the mail and extra cash coming from continuing home-mortgage refinancings.

In February, the amount spent on big-ticket items such as cars and appliances was down 0.2 percent. Spending on food, clothing, and other similar products inched up 0.1 percent. Spending on services rose 0.4 percent.

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