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Rising Wages, Falling Gas Prices Boost US Consumer Spending Growth

© REUTERS / Gary CameronA fuel tanker truck driver stores his hoses after a gasoline delivery at the Costco in Beltsville, Maryland
A fuel tanker truck driver stores his hoses after a gasoline delivery at the Costco in Beltsville, Maryland - Sputnik International
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US Commerce Secretary announced that rising wages in combination with decreasing energy prices drove fourth quarter US consumer spending to grow at its fastest pace since 2006.

 

WASHINGTON, January 31 (Sputnik) — Rising wages in combination with decreasing energy prices drove fourth quarter US consumer spending to grow at its fastest pace since 2006, US Commerce Secretary Penny Pritzker announced in a press release.

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“Today’s advance estimate of fourth quarter real GDP was bolstered by consumer spending, which grew at its fastest rate since 2006, and consumer optimism which is driven by real wages beginning to rise and declining gasoline prices,” Pritzker said on Friday.

The Commerce Department is working to expand US exports, strengthen American manufacturing, train the workforce and “to help create jobs and keep America more competitive in the global economy,” Pritzker added.

Consumer spending grew by 4.3% pace in the fourth quarter of 2014, the fastest since the first quarter of 2006, the Commerce Department’s Bureau of Economic Analysis reported.

The IMF recently published its global growth projections, lowering projected global growth rates in the next two years by a third of a percentage point, according to recent statements by the Chief Economist at the IMF. Only the United States showed promise of notable growth, IMF said.

 

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