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  • more signs on Wednesday that the U.

  • S economic recovery is sputtering.

  • Consumer spending, the biggest driver of economic activity, fell for the first time since the recovery began in May.

  • The Commerce Department reported that personal spending fell 0.4% in November as Americans cut back on purchases of cars, clothing and shoes and spent less at restaurants and bars that offset increases in spending at supermarkets and liquor stores.

  • Less spending was coupled with a plunge in personal income, which declined 1.1% last month.

  • That dip reflects the expiration of a government loan program for businesses hurt by the pandemic.

  • Ah third Commerce report showed business spending rose, but the pace has slowed.

  • Separately, the Labor Department reported Wednesday that the number of Americans filing first time claims for jobless benefits unexpectedly fell last week to 803,000.

  • But that's still historically high, well above the peak of 665,000 claims filed during the great recession.

  • In a day flooded with economic news, sales of new homes fell more than expected in November.

  • These reports come on the heels of data on Tuesday showing existing home sales decline last month, and consumer confidence slumped to a four month low in December.

  • Delays by Congress passing another rescue package now thrown into disarray by President Trump's threat of a veto and the surgeon coronavirus cases that has led to new business restrictions have sapped energy from the economy as a brutal year draws to a close.

more signs on Wednesday that the U.

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B1 spending fell economic consumer commerce income

Consumers cut back on spending as income drops

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    林宜悉 posted on 2020/12/24
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