U.S. consumer spending rose less than
economists forecast in November, damped by the first decline in
prices in seven months, a government report showed.
The 0.4 percent rise in spending last month followed a 0.1
percent increase in October, the Commerce Department reported in
Washington. Incomes rose 0.5 percent after rising 0.2 percent.
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The pace of consumer purchases has slowed since extra cash
gained from tax cuts and mortgage refinancing helped spending
rise at a 6.9 percent annual rate in the third quarter. Job
growth needs to accelerate to help bolster incomes and spending,
some economists said.
“A key issue in the coming months will be how quickly and
how sharply consumer spending rebounds after the pause in the
fourth quarter,” said Ethan Harris, chief U.S. economist at
Lehman Brothers Inc. in New York, before the report.
Bloomberg News
