Tag: household income
economy

Trump Economy Began Decline Even Before Pandemic

Reprinted with permission from DCReport

There's fresh evidence that the robust economy Donald Trump inherited from Barack Obama was faltering before the pandemic.

State personal consumption spending growth slowed sharply in 2019 compared to the year before, the federal Bureau of Economic Analysis reported Thursday morning. The growth rate plummeted by a fifth.

Personal expenditures grew in 2019 but by only 3.9 percent, down from 4.9 percent in the previous year.

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U.S. Consumer Spending Gains Speed In November

Washington (AFP) – U.S. consumer spending continued to gain pace in the key shopping month of November, buoyed by a slight rise in household income, the Department of Commerce reported Monday.

Spending was up 0.5 percent in November — which includes Thanksgiving and the start of the Christmas shopping season — compared to the same period last year.

November’s increase was higher than the 0.4 percent recorded in October, and came as household income ticked up by 0.2 percent after a disappointing 0.1 percent fall the previous month.

Consumer spending accounts for more than two-thirds of U.S. economic activity and is a keenly anticipated indicator.