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Strong consumer spending surprises analysts
Posted: Dec 21, 2012 7:08 AM by Associated Press
WASHINGTON (AP) - Consumers spent and earned more in November, reflecting a rebound from the disruptions caused by Superstorm Sandy.
The Commerce Department says consumer spending rose 0.4 percent compared with October. Personal income jumped 0.6 percent, the biggest gain in 11 months.
Wages and salaries rose $41.1 billion in November. Sandy had reduced wages at an annual rate of $18.2 billion in October. Spending had fallen 0.1 percent in October compared with September.
With income rising faster than spending, the saving rate rose to 3.6 percent of income in November, up from 3.4 percent in October.
Economists remain concerned that income growth is too weak to support sustained increases in spending, especially at a time when Americans are worried about possible tax increases in the new year.
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