Department of Commerce
US consumer spending fizzles in Dec, savings up
Consumer spending in the US was flat in December as households took advantage of the largest rise in income in nine months to boost their savings, setting the tone for a slowdown in demand early in 2012.
It was the weakest reading on spending since June, the Commerce Department said on Monday. Economists had expected consumer spending, which account for more than two-thirds of US economic activity to nudge up 0.1 percent, the same as in November.
Chinese consumers paying much more for some products than American and French consumers
Yao Jian, the spokesman of the Chinese Ministry of Commerce, on Tuesday responsed to commerce department's statistics that revealed Chinese consumers were paying over 50 percent more than American consumers and 72 percent more than French consumers for 20 brands of products such as watches, luggage, clothing, alcohol and electronic appliances.
