AMERICANS increased their spending in November by the most in five months, and their income edged up modestly.
Consumer spending rose 0.5 per cent from October, when spending had risen 0.4 per cent, the Commerce Department said on Monday. It was the best showing since June. The gain was driven by a jump in spending on long-lasting durable goods such as autos.
Consumers' income rose 0.2 per cent, an improvement from a 0.1 per cent decline in October. Wages and salaries, the most important component of income, rose a solid 0.4 per cent. That gain reflected strength in the private sector and a modest gain in government pay.
Consumer spending is closely followed because it accounts for about 70 per cent of economic activity. The strong November showing suggests solid economic growth this quarter.
Steady hiring and modest wage gains have boosted consumer confidence and given Americans more money to spend. At the same time, higher stock and home prices have driven up household wealth and made some people more comfortable about spending.
The big rise in spending and smaller income gain meant that the personal saving rate slipped a bit to 4.2 per cent of after-tax income in November. That was down from 4.5 per cent in October.
An inflation gauge tied to consumer spending that is closely followed by the Federal Reserve showed that inflation is still running well below the Fed's target. Prices were unchanged in November and have risen just 0.9 per cent over the past 12 months. The Fed's target for annual inflation is 2 per cent.
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