U.S. Consumer Spending Lower Than Expected

A decline in wages contributed to a weaker-than-expected consumer spending total for November. For the month, purchases rose a scant 0.1 percent compared to an earlier forecast of a 0.3 percent increase.

“In the absence of a significant pickup in income, we won't see a big boost in spending,” said Yelena Shulyatyeva, an economist at BNP Paribas in New York. “The momentum will slow in the fourth quarter, but the economy is still growing.”

Source: Bloomberg