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Personal spending increased less than expected in the US

Personal consumption expenditures in the US rose 0.1% in November, below market expectations.

Personal spending increased less than expected in the US

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The US Department of Commerce released personal income and consumption expenditure data for November.

Accordingly, personal incomes in the country increased by 0.4 percent in November compared to the previous month.

The personal income of Americans, which was above market expectations, was expected to increase by 0.3 percent in this period. Personal income in the country increased by 0.7 percent in October.

Personal consumption expenditures, on the other hand, rose 0.1 percent month-on-month in November.

Personal consumption expenditures, which continued to slow down, were expected to increase by 0.2 percent in this period. The increase in personal consumption expenditures was 0.9 percent in October.

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The personal consumption expenditures price index, on the other hand, increased by 0.1 percent on a monthly basis in November, and recorded its lowest increase since October 2021, with 5.5 percent on an annual basis.

The core personal consumption expenditures price index, which is taken into account by the US Federal Reserve (Fed) as an indicator of inflation and which excludes food and energy items, increased by 0.2 percent on a monthly basis and by 4.7 percent on an annual basis in the same period. Market expectations were for the core personal consumption expenditures price index to increase by 0.2 percent monthly and 4.7 percent annually.

The core personal consumption expenditures price index increased by 0.3 percent monthly and 5 percent annually in October.

Analysts said indicators point to a continuing slowdown in inflation, but not enough to deter the US Federal Reserve from raising interest rates higher next year.

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