Consumer Spending Rebounds Despite Rising October Inflation-US News | The Epoch Times

WASHINGTON—U.S. consumer spending rebounded by a solid 1.3 percent in October despite inflation over the past year has accelerated faster than it has at any point in more than three decades. The jump in consumer spending last month was double the 0.6 percent gain in September, the Commerce Department reported Wednesday. At the same time, consumer prices rose 5 percent compared with the same period last year, the fastest 12-month gain since the same stretch ending in November 1990. The surge in prices this year did contribute to the 1.6 percent rise in spending in November, yet adjusting for inflation, spending was still up a solid 0.7 percent after a 0.3 percent inflation-adjusted gain in September. Personal incomes, which provide the fuel for future spending increases, rose 0.5 percent in October after having fallen 1 percent in September, a reflection of a drop in government support payments. Pay for Americans …

The Associated Press

Leave a Reply

Your email address will not be published.

Next Post

Alberta Submits Motion Condemning David Suzuki’s Remark That Pipelines Could Be ‘Blown Up’-Isaac Teo

Wed Nov 24 , 2021
The Alberta government has submitted a motion condemning prominent environmental activist David Suzuki for his controversial comments over the weekend that pipelines could be “blown up” if politicians fail to act on climate change. The motion introduced by Environment and Parks Minister Jason Nixon on Nov. 23 calls on the Legislative […]

Newsletter Signup

Sign up now and never miss a thing!

You're Signed Up!

Now that you are signed up, we will send you exclusive offers periodically.