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Did you cut your spending in 2008?

November 09, 2009

If you cut back on your spending last year, then you’ve got plenty of company. In 2008, U.S. families sharply reduced their expenditures for transportation, apparel and food (by eating at home more often). Is it any wonder? Despite the recession, overall consumer prices in 2008 rose 3.8% from 2007 and pretax income rose a mere 0.7%, according to the U.S. Labor Department. Perhaps as a way to cope with economic turmoil, Americans did spend significantly more in 2008 on one category: entertainment – a $16.5 billion, 5.1% increase from 2007.

 

Source: The Wall Street Journal


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