U.S. personal spending rose in November, while PCE fell
Odaily Odaily reports that US consumer spending increased in November, highlighting the continued strength of the economy, which has prompted the Federal Reserve to expect a lower rate cut by 2025 than it did three months ago. Data from the US Department of Commerce shows that consumer spending, which accounts for more than two-thirds of US economic activity, rose 0.4% month-on-month last month, while the October increase was revised down to 0.3%. Economists surveyed by institutions forecast that consumer spending would increase by 0.5% in October. Strong consumer spending drove the annualized growth rate of the US economy in the third quarter to 3.1%. Economists expect consumer spending to slow only slightly this quarter. The Atlanta Fed currently expects US GDP to grow 3.2% in the fourth quarter. Federal Reserve Chairman Powell said on Wednesday that the US economy is performing very well, and he hopes the economy will continue to perform well.
