Consumer Spending Increases
Incomes also rose 3 percent in 2010, after having fallen 1.7 percent in 2009. Economists expect a slowly improving job market and a payroll tax cut to boost spending even further in 2011. This will give the economy a boost since consumer spending accounts for 70 percent of total economic activity.
For all of 2010, the economy grew 2.9 percent, the best performance since 2005. That's a sharp contrast to the 2.6 percent drop in GDP in 2009, the worst decline in more than 60 years.
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