Personal Spending Rises in November

Consumer personal spending and personal incomes both rose in November, the Commerce Department said Wednesday.

The 0.5% spending increase followed a 0.6% gain in October, and it was the sixth increase in seven months.

Personal incomes gained 0.4%, the biggest increase since May, after a 0.3% increase in October, Commerce said.

The increase in spending was lower than economists’ forecasts of a 0.7% gain, Bloomberg reported. Incomes exceeded the forecast, which was for a 0.3% increase.

An increase in consumer spending could increase demand for new factory goods and the trucking shipments that get them to stores.