Consumers are improving their skills in managing money, judging from new data showing that personal income and savings continued to tick upward in December.
According to the U.S. Bureau of Economic Analysis, personal income increased by $44.5 billion, or 0.4 percent in December 2009 when compared to the month prior. However, the increase did prove to be slightly less than the 0.5 percent increase seen in November.
Real personal income also increased among consumers by 0.3 percent during the month, matching the rate increase seen in November.
“This morning’s personal income and spending report is another positive sign that our economy continues to move in the right direction,” said Department of Commerce chief economist Mark Doms, according to the Los Angeles Times. “Further stimulus expenditures will support the ongoing expansion in consumer spending and income.”
The continued increases regarding income also allowed consumers to deposit more money into their savings accounts. The study found that personal savings stood at $534.2 billion for December, an increase over the $506.3 billion figure.