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Personal Spending Up In November And Savings Lowest Since 2017

personal spending
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EDITOR'S NOTE: Zero Hedge reports that “wage growth for private and government workers slowed dramatically last month,” although, surprisingly, for the ninth-straight month, personal spending increased. Income growth for November came in at +0.4% MoM, while personal spending went up at a +0.6% MoM rate. This difference has caused the U.S. savings rate to plunge to its lowest level since 2017. This also caused “The Fed's favorite inflation indicator - the core PCE deflator,” to jump significantly to “5.7% YoY, the highest since June 1982.” None of this is good for the U.S. economy’s outlook in 2022, which is why Zero Hedge is imploring Fed Chairman Jerome Powell to “get back to work.”

The growth is Americans' personal spending was expected to decelerate in November, as income growth also slowed. Analysts narrated October's surprise spending gain as being driven by pull-forward on supply-chain availability fears. Analysts nailed it for once with both income and spending coming in as expected (+0.4% MoM and +0.6% MoM respectively)

Source: Bloomberg

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