- New custody law for equal time for dads begins today; some question law's relevance (8/28/16)5
- Marble Hill fires entire sewer department (8/23/16)5
- Ex-Southeast student gets probation for placing homemade sex video on porn site without woman's knowledge (8/24/16)13
- Bootheel lawmaker seeks probe into crop damage by illegal herbicide spraying (8/24/16)1
- Local private school dreams bigger, plans for new building at Sprigg and Lexington (8/22/16)
- Newsmakers 2016: Jason Bandermann (8/15/16)
- 'Santa' suspect Moffat sentenced to 12 years for sexual abuse of girl (8/23/16)2
- Schnucks bans solicitors, including organizations like Salvation Army (8/24/16)38
- Jackson girl stays planted on the farm (8/28/16)2
- Court ruling, state suggest businesses may apply use, sales tax to deliveries (8/24/16)2
May incomes surge, but savings outpace spending
WASHINGTON -- Households pushed their savings rate to the highest level in more than 15 years in May as a big boost in incomes from the government's stimulus program was devoted more to bolstering nest eggs than increased spending.
The Commerce Department says consumer spending rose 0.3 percent in May, in line with expectations. But incomes jumped 1.4 percent, the biggest gain in a year and easily outpacing the 0.3 percent gain that economists expected.
The savings rate, which was hovering near zero in early 2008, surged to 6.9 percent, the highest level since December 1993.