Household spending falls
Households pared back their spending in January during the rapid spread of the Omicron variant of SARS-CoV-2 and renewed restrictions on activity, adding to the risk that the economy will shrink this quarter. Outlays fell 1.2 percent from December last year for the sixth drop in the past nine months as people cut spending on entertainment, clothing and extra schooling, the Ministry of Internal Affairs reported yesterday. Compared with the low levels of a full state of emergency a year ago, spending rose 6.9 percent. Economists had forecast a 3.4 percent gain. The fall in spending from the prior month could contribute to the nation’s recovery slipping back into reverse this quarter. Household spending accounts for more than half of GDP.
UNITED KINGDOM Economy beats expectations The economy surged at the strongest pace in seven months in January, surpassing levels prevailing before […]
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