Washington, D.C. – U.S. household purchases rose 0.5% in November 2013. According to new figures from the U.S. Department of Commerce, this followed a 0.4% increase in October that was larger than previously reported and is the largest increase since July 2013.
Holiday discounts helped boost consumer spending, which constitutes about 70% of the U.S. economy. The increase matched Bloomberg forecasts and came even as consumer incomes rose less than anticipated due to stagnant farm incomes. Durable goods such as cars, furniture and appliances showed especially strong sales.