Economics
U.S. Consumer Spending Buffeted by Fastest Inflation in Decades
- Goods, services outlays stall after accounting for high prices
- Durable goods orders, new-home sales firmer in November
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U.S. consumers took a breather in November a month after an early holiday spending surge, but that pause risks becoming more lasting if Americans pull back when faced with both the fastest inflation in decades and the omicron variant.
Purchases of goods and services, after adjusting for higher prices, were little changed following a solid 0.7% gain in October. The government’s figures were the marquee of a pre-holiday burst of economic reports Thursday that showed stronger orders for durable goods, increased new-home sales and firmer consumer sentiment.