According to data released by the Commerce Department, incomes and personal spending rose in December. Increases in wages and salaries have pushed consumer spending to the highest level in almost five years. Sales of new homes increased to a 1.098 million annual rate last month, and the combined sales of new and previously owned homes reached a record high of 7.86 million last year.
See "Rise in Income and Spending for December", The New York Times, January 31, 2005