US consumer spending rises 0.6 percent in November
December 22, 2017
WASHINGTON (AP) — American consumers stepped up their spending last month, a good sign for the holiday shopping season.
The Commerce Department said Friday that consumer spending rose a sharp 0.6 percent from October, outpacing a 0.3 percent increase in personal income. As a result, the savings rate fell to 2.9 percent of after-tax income in November, lowest since November 2007.
The numbers bode well for the holidays and for the overall economy: Consumer spending accounts for about 70 percent of U.S. economic output.
Spending on both goods and services rose in November, led by increases...