Americans Spending Less

After Americans' spending climbed by a robust 3.5 percent in 2012, it declined last year, according to a new study out from the Department of Labor. Spending dropped by 0.7 percent in 2013, led by a 7.6 percent drop in spending on apparel and a 4.7 percent drop in spending on entertainment.

A couple of categories did see increases in spending last year. We spent 2.1 percent more on health care in 2013 than we had in 2012 - but that followed a 7.3 percent increase in health care spending the prior year. Spending on housing increased by 1.5 percent in 2013, the only category that saw more of a rise last year than in 2012.

The average American spent $1,429 on housing per month in 2013, easily the largest of any category. We also spent $750 on transportation per month, $303 on health care, and $207 on entertainment.