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.
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