Tags: consumer | spending | income

Consumer Spending Rises Despite Drop in Income

Consumer Spending Rises Despite Drop in Income
(Rawpixelimages/Dreamstime)

Wednesday, 25 November 2020 10:18 AM EST

U.S. consumer spending increased solidly in October, but the momentum is likely to slow as surging COVID-19 infections and the loss of a weekly unemployment subsidy for millions of Americans weigh on income.

Consumer spending, which accounts for more than two thirds of U.S. economic activity, rose 0.5% last month after increasing 1.2% in September. Personal income fell 0.7%, reversing a 0.7% gain in September.

Economists polled by Reuters had forecast consumer spending rising 0.4% and income unchanged in October. 

© 2024 Thomson/Reuters. All rights reserved.


Economy
U.S. consumer spending increased solidly in October, but the momentum is likely to slow as surging COVID-19 infections and the loss of a weekly unemployment subsidy for millions of Americans weigh on income.
consumer, spending, income
80
2020-18-25
Wednesday, 25 November 2020 10:18 AM
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