U.S. Consumer Spending Strengthening In Boost To Economy
U.S. consumer spending gathered momentum in November as households bought furniture, electronics and a range of other goods, which could further allay fears of a significant slowdown in the American economy even as the outlook overseas continued to darken.
The upbeat data from the Commerce Department on Friday bolstered expectations that the Federal Reserve will raise interest rates for a fourth time this year at its Dec. 18-19 policy meeting, despite moderating inflation and tighter financial market conditions.
It also stood in stark contrast to reports from China showing a dramatic fall off in retail sales in the world’s second-largest economy and from Europe where a key measure of business activity expanded at its slowest rate in four years.
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