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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.

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.)

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