WASHINGTON (Jan 22): US consumer spending increased solidly in November and October, likely keeping the economy on track for a third straight quarter of strong growth. Consumer spending, which accounts for more than two-thirds of economic activity, rose 0.5% after rising by the same margin in October, the Commerce Department's Bureau of Economic Analysis said on Thursday. Economists polled by Reuters had forecast consumer spending increasing 0.5% in November. The economy is being mostly driven by consumer spending and a shrinking trade deficit as President Donald Trump's sweeping tariffs curb imports. The government was unable to collect most of the data to compile the Consumer Price Index report for October.
