Dow Jones Newswire is reporting today that consumer spending was down again in November for the fifth straight month as personal income also fell. Spending was down .6% in November from the previous month, while personal income fell .2% for the month.
The November drop in spending is remarkable since the Christmas shopping season traditionally kicks off on Black Friday, the day after Thanksgiving. Even with that boost, November spending could not match that of October. That's the bad news.
The good news is that the rate of saving rose in November to 2.8% of disposable income, up from 2.4% in October. Experts say Americans are saving more to due to the recession and the increased possibility of job loss.
Have you cut back on spending? Increased your savings? We'd love to see your comments below!
Comments