US consumer spending and incomes up in November

US consumer spending and incomes show solids gains while yearly inflation posts big jump

US consumer spending and incomes up in November

WASHINGTON (AP) -- U.S. consumer spending rebounded in November after a weak showing in October, while a key inflation gauge posted the fastest year-over-year increase in 11 months.

The Commerce Department said Wednesday that consumer spending increased 0.3 percent in November after an essentially flat reading in October and a 0.2 percent gain in September. Personal income rose a solid 0.3 percent in November, reflecting solid gains in wages and salaries, after a 0.4 percent October increase.

Economists are predicting that further improvement in the job market will support consumer spending in coming months.

A key inflation gauge was up 0.4 percent in November compared with a year ago, the biggest year-over-year jump since last December. Inflation is being closely watched by the Federal Reserve to determine the pace for hiking interest rates.

Updated : 2021-02-28 09:36 GMT+08:00