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U.S. Consumer Price Growth Slows Less Than Expected In November
(RTTNews) - The Commerce Department released its report on U.S. personal income and spending in the month of November on Friday, although the focus was on a closely watched reading on consumer price inflation.
The reading on inflation, which is said to be preferred by the Federal Reserve, showed the annual rate of consumer price growth slowed to 5.5 percent in November from an upwardly revised 6.1 percent in October.
Economists had expected the annual rate of consumer price growth to slow to 5.3 percent from the 6.0 percent originally reported for the previous month.
Excluding food and energy prices, core consumer price growth slowed to 4.7 percent in November from 5.0 percent in October, in line with economist estimates.
The report also showed personal income rose by 0.4 percent in November after climbing by 0.7 percent in October. Economists had expected personal income to increase by 0.2 percent.
Meanwhile, personal spending inched up by 0.1 percent in November following a 0.9 percent advance in October. Spending was expected to tick up by 0.2 percent.
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