You are here: Home » International » News » Economy
Business Standard

US consumer spending drops 0.4% in Nov, first decline since April

US consumer spending fell 0.4% in November, the first decline since April, as Americans confronted a newly resurgent virus.

Topics
US consumer spending | consumer spending | US economy

AP  |  Washington 

FDI, INVESTMENT, investment, foreign investment, foreign direct investment, FPI, dollar inflow, GROWTH, MARKETS, FUNDS, SHARES, DEMAND, GROWTH, mutual fund, fund, stocks

fell 0.4% in November, the first decline since April, as Americans confronted a newly resurgent virus.

The November decline followed a 0.3% gain in October and even bigger increases starting in May, the Commerce Department reported on Wednesday, as the country emerged from a pandemic lockdown that had been imposed to try to stop the spread of the virus. The last decline was 12.7% fall in April during the lockdown.

Personal incomes fell 1.1% in November, the third drop in the past four months as various government relief programs have been expiring.

Inflation as measured by a gauge preferred by the Federal Reserve showed a modest 1.1% gain in November, well below the Fed's 2% target.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, December 23 2020. 20:25 IST
RECOMMENDED FOR YOU
.