Fresh signs US economy picking up
THERE are fresh signs from the United States that the gears of the world's largest economy are cranking up.
New data has pointed to rising employment, better consumer confidence and higher spending.
Payrolls grew in 42 US states in February and the unemployment rate fell in 22, showing the labour market improved in a broad swath of the country's economy.
The figures help explain why consumer spending, which accounts for about 70pc of the US economy, has been holding up in the face of a two percentage-point increase in the payroll tax.
Consumer spending in the US climbed in February by the most in five months as incomes rose, signalling an improving job market is spurring demand.
Household purchases gained 0.7pc after a 0.4pc advance the prior month that was bigger than previously estimated, a Commerce Department report showed yesterday. Economists has expected a 0.6pc rise. (Bloomberg)