US consumer spending up 0.5 per cent in Nov., best showing since June; income up 0.2 per cent - InfoNews

Current Conditions

Sunny
9.1°C

US consumer spending up 0.5 per cent in Nov., best showing since June; income up 0.2 per cent

FILE - In this Thursday, Nov. 28, 2013, file photo, a shopper holds her purchases while shopping at a Gap factory store at the Citadel Outlets in Los Angeles. The Commerce Department reports how much consumers spent and earned in November on Monday, Dec. 23, 2013. (AP Photo/Jae C. Hong, File)
December 23, 2013 - 5:36 AM

WASHINGTON - Americans increased their spending in November by the most in five months, and their income edged up modestly.

The Commerce Department says consumer spending rose 0.5 per cent from October, when spending had risen 0.4 per cent. It was the best showing since June. The gain was driven by a jump in spending on long-lasting durable goods such as autos.

Consumers' income rose 0.2 per cent, an improvement from a 0.1 per cent decline in October. Wages and salaries, the most important component of income, rose a solid 0.4 per cent. The gain reflected strength in the private sector and a modest gain in government pay.

Consumer spending is closely followed because it accounts for 70 per cent of economic activity. The strong November showing could be a sign of solid economic growth this quarter.

News from © The Associated Press, 2013
The Associated Press

  • Popular kelowna News
  • Comments
View Site in: Desktop | Mobile