- Category: Widget
- Published on Thursday, 24 July 2014 15:00
- Written by Isaac
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Spending Flows More Freely
Staten Island Commercial Bank cites income increases as bullish indicator
STATEN ISLAND, N.Y. -- Americans are earning more and have more spending power, according to the latest government figures, which also show some loosening of the purse strings.
In May, both personal income and disposable personal income increased by the same amount, 0.4 percent, the federal Bureau of Economic Analysis found.
Purchases of durable goods increased 1 percent. Purchases of motor vehicles and parts accounted for more than half of May's increase.
Decreases, however, were found among purchases of nondurable goods and of services.
Personal consumption expenditures rose 0.2 percent.
While the monthly percentages may seem small at first glance, they represent double-digit billions of dollars.
About Victory State Bank
VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online www.victorystatebank.com.