Posted by on November 24, 2021 10:02 pm
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Categories: Breaking News Epoch Times News

Consumer Spending Rebounds Despite Rising October Inflation

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 …

Originally appeared on The Epoch Times

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