Personal Incomes Grew in November
Consumers sent businesses and the government a mixed message in November, according to data gathered by the U.S. Commerce Department.
Household incomes increased a solid 0.4% in November but spending increased at its slowest pace in more than two years, indicating consumers are tightening their belts.
The increase in household income last month came after a 0.1% decline in October.
Meanwhile, spending rose 0.3% in November, the weakest pace since July 1998, the commerce department reports.
Consumer spending on big-ticket items such as cars and RVs declined 1.2% in November. Spending on big-ticket items also declined in October, the government reported.