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US Consumer Spending Rose 0.6 % in Nov. on Increased Spending for Services

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US consumer spending increased by 0.6%, $104.7 billion in November amid an increase in early holiday shopping.

Source: US Department of Commerce

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The increase in personal income was attributable to an increase in compensation of employees and government social benefits.

The $104.7 billion increase in PCE in November signaled an expansion of $97.4 billion in spending for services and a $7.4B increase in spending for goods.

Personal income increased slightly by 0.4%, $90.4 billion in November, as disposable personal income rose by $70.4 billion.

The real disposable income of households fell by 0.2% on the increase in spending on services. But spending on goods dropped by 0.8%.

The PCE price index for November rose 5.7% from the prior year, signaling increases in both goods and services, caused by a 34% increase in energy prices and food prices increasing by 5.6%.

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