US Consumer Spending Posts Solid Back-to-Back Gains

Tiger Newspress
01/22

US personal spending rose at a solid pace in November, underscoring a resilient consumer at the start of the holiday-shopping season.

Consumer spending, adjusted for inflation, increased 0.3% in November for a second month, according to the Bureau of Economic Analysis. The agency released both figures for the first time on Thursday after a lengthy delay caused by the federal government shutdown.

The so-called core personal consumption expenditures price index, which excludes food and energy items, rose 0.2% in November from the prior month and 2.8% from a year earlier, according to the BEA. The gauge, favored by the Federal Reserve as a measure of underlying inflation, picked up slightly from October on an annual basis.

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