HUFFINGTON POST / AP: The Commerce Department says consumer spending rose 0.4 percent compared with October. Personal income jumped 0.6 percent, the biggest gain in 11 months…
With income rising faster than spending, the saving rate rose to 3.6 percent of income in November, up from 3.4 percent in October.
Economists remain concerned that income growth is too weak to support sustained increases in spending, especially at a time when Americans are worried about possible tax increases in the new year from the “fiscal cliff.” That’s the name for automatic tax increases and spending cuts due to take effect in January unless Congress and the Obama administration reach a budget deal before the new year… (more)
