Spending rose by 0.3 percent last month after holding steady in October, according to data inadvertently released late on Tuesday by the Commerce Department.
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The median forecast of economists surveyed by Bloomberg projected incomes would rise 0.2 per cent in November. They believe the upward trend in job market will stimulate consumers’ incomes and spending.
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USA consumer spending picked up in November as households loosened their purse strings at the start of the holiday shopping season, boosting prospects for fourth quarter economic growth.
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Wages and salaries rose 0.5%, adding to a 0.6% gain in October. A price index for consumer spending was unchanged after nudging up 0.1% in October.
Spending increased 0.3 per cent in November after an essentially flat reading in October and a 0.2 per cent gain in September, the Commerce Department said Wednesday. That’s just below this year’s average of 92.9, the highest annual average in 11 years. There are also early signs that businesses are offering higher pay to attract and keep workers. In the 12 months through November, the personal consumption expenditures (PCE) price index was up 0.4 percent, the largest increase since December, after rising 0.2 percent in October.
A tightening labor market, marked by an unemployment rate that is in a range some Federal Reserve officials consider consistent with full employment, is starting to lift wages. The US central bank hiked its benchmark overnight interest rate last week by 25 basis points to between 0.25 per cent and 0.50 per cent, the first increase since mid-2006.
Inflation continued to run below the Fed’s 2 percent target last month.
“The Fed understands that the competing factors will be with us for a while and that is why it is easy for the members to say that rates will be increased gradually”, said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania.
Spending on pricey durable products, such as cars and washing machines, that are meant to last three years or more rose a healthy 0.7 percent in November. Economists polled by Reuters had forecast income advancing 0.2% last month.
Bookings for equipment that is non-military, excluding plants dropped by 0.4% after an October gain of 0.6%, showed data released on Wednesday by the Commerce Department.
In November, spending strengthened across the board, with outlays on long-lasting durable goods, non-durable items and services all rising. At the same time, resilient consumer demand that includes steady growth in auto sales is helping soften the blow to manufacturers.
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“Business investment is still somewhat shaky, given the state of the manufacturing sector and the fact that it’s been underperforming the rest of the economy”, said Gennadiy Goldberg, U.S. rates strategist at TD Securities LLC in NY.
