Americans make more money, but don't spend it - WDAM - TV 7 - News, Weather and Sports

Americans make more money, but don't spend it

Posted: Updated:
Personal incomes are rising for Americans, but we aren’t spending that extra money. (Source: CNN) Personal incomes are rising for Americans, but we aren’t spending that extra money. (Source: CNN)

(CNN) – Americans are earning more and spending less, according to new data from the U.S. Bureau of Economic Analysis.

Personal income rose by 0.4 percent in May, and disposable income is up nearly 2 percent from a year ago.

Instead of spending the extra cash, most are choosing to stash it.

As of May, Americans were saving about 4.8 percent of their monthly income.

Consumers cut back on eating out, going to the movies and buying clothes. They also spent less on necessities like groceries and utilities.

The few exceptions include spending on housing, gasoline and cars, which are rising.

Copyright 2014 CNN. All rights reserved.

  • LOCALLOCALMore>>

  • USM School of Music Mary Poppins musical auditions set

    USM School of Music Mary Poppins musical auditions set

    Friday, August 22 2014 12:36 PM EDT2014-08-22 16:36:46 GMT
    This is a news release from the University of Southern Mississippi Music Department If you are auditioning for Mary Poppins, ALL must do the dance audition on Friday evening AND ALL must do their specificMore >>
    If you are auditioning for Mary Poppins, all must do the dance audition on Friday evening and all must do their specific singing/acting audition. There are no singing only or dancing only parts.More >>
  • JCJC alumnus reveals gift to his wife and college

    JCJC alumnus reveals gift to his wife and college

    Friday, August 22 2014 12:20 PM EDT2014-08-22 16:20:39 GMT
    A Jones County Junior College alumnus revealed a gift to his wife and to the college, in the form of a plaza park, complete with swings, benches, flowers and plants. Sidney "Buck" Anderson said the LibbyMore >>
    A Jones County Junior College alumnus revealed a gift to his wife and to the college, in the form of a plaza park, complete with swings, benches, flowers and plants.More >>
  • City worker injured when mower flips

    City worker injured when mower flips

    Friday, August 22 2014 11:44 AM EDT2014-08-22 15:44:08 GMT
    One person was transported to a local hospital by ambulance after a City of Hattiesburg mower flipped on an embankment off Lincoln Road. A city crew was working along Lincoln Road near Interstate 59 shortlyMore >>
    One person was transported to a local hospital by ambulance after a City of Hattiesburg mower flipped on an embankment off Lincoln Road.More >>