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.