Americans Ramp Up Consumption Ahead Of Holidays, According To Commerce Department

Americans Ramp Up Consumption Ahead Of Holidays, According To Commerce Department


Consumer spending is increasing ahead of the holiday season, according to federal data.

The Wall Street Journal reported:

Household spending rose 1.3% in October from a month earlier, while personal income increased 0.5% last month, the Commerce Department said Wednesday. Consumers are benefiting from a strong labor market. And they are spending at a faster pace than inflation, which recently hit a three-decade high.

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Jobless claims, a proxy for layoffs, fell to 199,000 last week, the lowest weekly level in 52 years, the Labor Department separately said. The sharp decline in unemployment claims suggests rising wages and bountiful job openings could continue to buttress consumer spending — the economy’s main engine — despite fading government stimulus and dwindling savings.

An earlier report from the United States Census Bureau reveals

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