Personal Income Up For February and March, Consumer Spending Still Growing But Slower
Washington, D.C. -
According to the US Commerce Department, personal incomes grew by .3% in February and .4% in March which the Treasury Department says supports other figures showing the economy is growing.
Adding to that, consumer spending is still increasing, though slower than first thought. Spending in February grew by .9% and only .3% in March reflecting that many American's are still worried about the economy and their personal financial stability. But economist Greg Sannbill says that personal savings have been growing recently, something not seen during the recession and that people will start spending their money again come summertime.
Adding to this, credit card lenders have started offering credit again to people with fair credit, something not offered during the recession when lender would only grant credit to those with good or excellent credit scores. However those with bad credit are still finding door closed to them.