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

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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.

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