No slowing down holiday shopping, U.S. Consumer Spending jumps in November.

December 21, 2007 - Forex Economic News

Newly released data by The U.S. Commerce Department today showed a big increase in consumer spending in November, handily beating expectations and posting the highest increase since May 2004. The report showed consumer spending jumped 1.1 percent in November compared to a 0.4 percent gain in October. The report also showed that personal incomes rose 0.4 percent in November compared to a 0.2 percent rise in October. Personal consumption expenditures(PCE), a measure of inflation, rose 0.6 percent in November. Core inflation, excluding energy and food prices, was up 0.2 percent in November. Core inflation is up 2.2 percent for the 12 month period to November, slightly above the Federal Reserve's preferred inflation range of 1 to 2 percent.

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