A government shutdown couldn't stop them, neithier could a botched rollout of Obamacare. US consumers are an intrepid lot, that's for sure. Consumers opened up their wallets in November, adding to the sense that the economy is gaining momentum heading into the New Year.
Following an 0.4% gain in spending in October, consumer spending rose a seasonally adjusted 0.5% last month, the fastest pace since June, the Commerce Department said Monday.
“These are the two strongest monthly readings in spending in over a year,” noted Michael Gapen, an economist at Barclays.
Personal income rose 0.2% in November after a 0.1% decline in the prior month, according to the Commerce Department. However, some economists were expecting better results. They had forecast a 0.5% increase in consumer spending and a 0.4% rise in personal income for the period.