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Economic Report: Consumer spending hits 6-year high — as Americans cut savings to 12-year low

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Americans capped off 2017 with a burst of holiday spending as an economic expansion closes in on its ninth year.

The numbers: Consumer spending climbed 0.4% in December, capping off the biggest increase in household buying since 2011.

Economists polled by MarketWatch had forecast a 0.5% increase.

Americans were able to spend more last year partly because of rising incomes. They rose 0.4% in December and advanced 3.1% for the full year, the largest increase since 2015.

Yet households drew even more heavily on their savings to fund their purchases. The savings rate fell to 2.4%, the lowest level since 2005.

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