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Bureau of Economic Analysis data showed that disposable personal income (DPI) increased $37.8 billion (0.3 percent) in November, while personal consumption expenditures (PCE) increased $43.3 billion (0.4 percent). Real (i.e., inflation-adjusted) disposable income increased 0.2 percent in November, the same increase as in October. Real PCE increased 0.3 percent in November, compared with an increase of 0.5 percent in October.
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Retail sales rose by 0.8 percent during November, the fifth straight month of increases. The “Other” category posted the largest percentage gain (1.4 percent), while vehicle sales declined (0.8 percent).
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Consumers appear to be taking on more debt. Total
consumer debt outstanding increased for a third month in November, at an annual rate of 0.7 percent. Revolving credit (i.e., credit cards) decreased at an annual rate of 6.3 percent -- the 27th consecutive monthly decrease, while nonrevolving credit increased at an annual rate of 6.8 percent. Once again, however, the report details tells a different story. In fact, virtually all of the increase was due to an annualized $43.2 billion (not seasonally adjusted) jump in Federal Government debt. Without the federal “contribution,” consumer credit would have increased by only $6 billion.
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