Spending, Durable-Goods, Jobless Claims Reports Out
Personal spending fell 0.6 percent in November, following a 1 percent drop in October, according to the Bureau of Economic Analysis. That's the fifth straight month spending has dropped. Analysts had been expecting a November drop of 0.7 percent in personal spending. Meanwhile, personal income fell 0.2 percent.
In a separate report, durable goods fell 1 percent. They were up 1.2 percent, however, when transportation is not counted. It was the fourth straight month of declines, coming after an 8.4 percent drop in October. In a number of special interest in Washington, defense orders grew 7.8 percent, to $8.4 billion.
And new unemployment benefits claims jumped to 586,000, a 26-year high.
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