Income, Spending Rise in Nov.

CNNMoney reports data for November, 2012 from the U.S. Commerce Dept. says personal income rose 0.6 percent during the month while spending increased 0.4 percent and the rate of savings moved up from 3.4 percent in Oct. to 3.6 percent in Nov. While Hurricane Sandy led to a drop in income and spending for Oct., the positive news in Nov. was better than economists expected. Consumer spending spearheaded the economy’s growth of 3.1 percent from July through Sept. As MHProNews knows, consumer spending contributes 70 percent of the Gross Domestic Production (GDP).

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