Consumer spending and incomes rose in November
WASHINGTON -- Consumer spending rose 0.4% in November after a drop the previous month attributed to Superstorm Sandy, the Commerce Department reported Friday.
Personal income also increased last month, jumping 0.6% from October, giving consumers more money in their wallets to spend.
The new figures showed Americans shrugged off concerns last month about the large tax increases and government spending cuts looming Jan. 1, known as the fiscal cliff.
Personal consumption expenditures increased $41.3 billion in November after falling by $20.2 billion, or 0.1%, in October, the Commerce Department said.
Officials originally estimated that spending was down 0.2% in October after Sandy took a big bite out of paychecks.
The increased spending last month was in line with analyst expectations.
Income growth also rebounded after being basically flat in October. Personal income rose $85.8 billion in November.
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