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Americans boosted spending in January but growth of their income was weaker than the rate of inflation. U.S. personal spending climbed by 0.5% compared with the prior month, while personal income increased by 0.1%, the Commerce Department said. The personal consumption expenditures price index, a key inflation gauge, rose 0.2% in January compared to December.
The saving rate in January was 3.3%, the lowest since 2.9% in October 2008 and down from 4.2% in December.
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