U.S. personal spending rose in November, while PCE fell

Odaily Odaily News: U.S. consumer spending increased in November, highlighting the continued strength of the economy, which prompted the Federal Reserve this week to predict that the rate cut in 2025 will be smaller than expected three months ago. Data from the U.S. Department of Commerce showed that consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 0.4% month-on-month last month, while the increase in October was revised down to 0.3%. Economists surveyed by the agency predicted that consumer spending would increase by 0.5% in October. Strong consumer spending pushed the U.S. economy to an annualized rate of 3.1% in the third quarter. Economists expect consumer spending to slow only slightly this quarter. The Atlanta Fed currently expects U.S. GDP to grow by 3.2% in the fourth quarter. Federal Reserve Chairman Powell said on Wednesday that the U.S. economy has performed very well and I hope the economy will continue to perform well. (Jinshi)