November: U.S. inflation soars, spending softens… Wage growth and savings rate freefalling

Sharing is Caring!

U.S. inflation soars, spending softens in November

The numbers: Consumer spending rose 0.6 in November after a 1.4% gain in the prior month, the U.S. government said Thursday.

Personal income rose 0.4% after a 0.5% rise in October.

The gains were in line with forecasts of economists surveyed by The Wall Street Journal.

Adjusted for inflation, spending was flat in November while disposable incomes fell 0.2%

Looking at inflation, the 12-month increase in the PCE index, the Federal Reserve’s preferred inflation gauge, jumped to 5.7% in November from 5% in the prior month. That’s the highest rate since 1982.

See also  When Higher Prices Are Not Inflation
See also  Truckers Warn Canada To Get Ready For Crisis Shortages and Inflation

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.