Consumer spending and personal income in the US rose sharply in November, but inflation also jumped, according to government figures released today.
In particular, consumer spending rose 0.6% last month after rising 1.4% in October, according to the Commerce Department. At the same time, personal income rose 0.4% after rising 0.5% in October.
Government figures confirmed analysts’ estimates in a WSJ poll.
On an adjusted basis for inflation, however, expenditures remained unchanged in November, while disposable income fell 0.2%.
The data showed that the price index for personal consumption expenditure, the Federal Reserve’s preferred index of inflation, climbed to 5.7% in November from 5% the previous month.
The structural index, which does not include energy and food, climbed to 4.7% from 4.1% last month, on an annual basis. This is the highest level since 1982. On a monthly basis, the structural index increased by 0.5%.
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Source From: Capital
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