BIRMINGHAM, Ala. (WIAT) – A new report from the Bureau of Economic Analysis says Americans are making more money these days, and they’re saving more as well. Personal income rose to $58.8 billion in the month of May.
There has also been an increase in disposable income but Americans are choosing to stash the extra cash rather than spend it. The report shows Americans are eating out less, skipping trips to the movies, and spending less on clothing. There is also a decrease in groceries and utilities.
There are a few exceptions to the spending decrease. Some areas Americans are spending more in are housing, gasoline, and cars.
Copyright 2014 WIAT 42 News