WASHINGTON, Dec. 22(Xinhuanet)-- Consumer spending in the United States increased by 0.3 percent in November following a smaller gain of 0.2 percent in the previous month, the Commerce Department reported on Thursday.
The report said consu mer spending, which accounts for about two-thirds of the US gross domestic product(GDP) and is the major engine of economic growth, increased by 25.3 billion dollars in November, compared with a rise of 13.4 billion dollars in October.
It was slightly below the 0.4 percent gain that Wall Street had been expecting.
The report also showed that US personal incomes also rose by 0.3 percent in November, compared with a growth of 0.5 percent in October. Disposable incomes, the amount Americans have after paying taxes, climbed by 0.3 percent in November after a 0.4 percent lift in the previous month.
The US savings rate, the amount left over after spending and taxes, remained in negative territory in November at minus 0.2 percent, the same as October. Enditem