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US consumer spending beats estimates; savings drop to lowest since 2008

Consumer spending could get a lift from sweeping individual income tax cuts approved by the US Congress this week

Reuters  |  Washington 

US consumer spending accelerated in November amid an increase in demand for recreational goods and utilities, but the strong pace of consumption is unlikely to be sustained as savings dropped to their lowest level in more than nine years. The Commerce Department said on Friday consumer spending, which accounts for more than two-thirds of US economic activity, rose 0.6 per cent last month after a downwardly revised 0.2 per cent increase in October. Economists polled by Reuters had forecast consumer spending increasing 0.5 per cent in November after a previously reported 0.3 per ...

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First Published: Fri, December 22 2017. 20:01 IST