The U.S. Commerce Department’s Bureau of Economic Analysis today released data on personal income and outlays for November 2010. Personal income increased 0.3 percent in November, supported by a small gain in wages and salaries. This exceeded slightly private-sector expectations of a 0.2-percent gain. Real consumer spending rose 0.3 percent in November, supported by widespread gains in spending for goods and services, except for motor vehicle purchases.
“Consumer spending in November and October is consistent with stronger economic growth during the fourth quarter,” said U.S. Commerce Department Acting Deputy Secretary Rebecca Blank. “Looking ahead, the just-enacted middle class tax cut package will further increase consumer spending and business investment in 2011, leading to additional job gains and a growing economy in the coming months.” Report (PDF)
Source: U.S. Department of Commerce
