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Consumer spending and incomes rose in November

December 21, 2012|By Jim Puzzanghera
  • A cashier hands a customer his change and receipt at a Sears store in Henderson, Nev., in November. Consumers spent and earned more last month, reflecting a rebound from the disruptions caused by Superstorm Sandy.
A cashier hands a customer his change and receipt at a Sears store in Henderson,… (Julie Jacobson / Associated…)

WASHINGTON -- Consumer spending rose 0.4% in November after a drop the previous month attributed to  Superstorm Sandy, the Commerce Department reported Friday.

Personal income also increased last month, jumping 0.6% from October, giving consumers more money in their wallets to spend.

The new figures showed Americans shrugged off concerns last month about the large tax increases and government spending cuts looming Jan. 1, known as the fiscal cliff.

Personal consumption expenditures increased $41.3 billion in November after falling by $20.2 billion, or 0.1%, in October, the Commerce Department said.

Officials originally estimated that spending was down 0.2% in October after Sandy took a big bite out of paychecks.

The increased spending last month was in line with analyst expectations.

Income growth also rebounded after being basically flat in October. Personal income rose $85.8 billion in November.

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