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Consumer spending rose 1.3% in October compared to September, while incomes rose 0.5%, according to data released by the US Department of Commerce on Wednesday. The strengthening labour market is reflecting positively on consumer activity. Consumer spending is outpacing inflation, which recently reached its highest level in three decades.
Initial jobless claims hit 199,000 last week, the lowest level in 52 years, the Labor Department said. The sharp drop in the figure indicates that rising wages and many new job openings will support consumer spending, which is the main driver of economic growth, despite reduced government support and reduced savings.
Consumer spending on goods rose by 2.2% in October. Spending on services, hit hard during the pandemic, is showing signs of recovery. Spending on services rose by 0.9% in October, accelerating from the previous two months.
source: wsj.com
Initial jobless claims hit 199,000 last week, the lowest level in 52 years, the Labor Department said. The sharp drop in the figure indicates that rising wages and many new job openings will support consumer spending, which is the main driver of economic growth, despite reduced government support and reduced savings.
Consumer spending on goods rose by 2.2% in October. Spending on services, hit hard during the pandemic, is showing signs of recovery. Spending on services rose by 0.9% in October, accelerating from the previous two months.
source: wsj.com
