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Consumers Lift Economy

Consumers Lift Economy - Consumers Lift Economy Rising...

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Consumers Lift Economy Rising Spending and Job-Market Gains Set the Stage for Solid Growth in 2011 By JUSTIN LAHART The U.S. economy gathered steam heading into the end of the year, with consumers lifting spending as businesses have become more willing to hire. Consumer spending rose 0.4% in November from October, adjusting for inflation, the Commerce Department said Thursday. Separate reports showed job-market improvement, a pickup in business orders for new equipment and improved consumer sentiment. "It looks like we've transitioned into a period of solid consumer spending," said Barclays Capital economist Dean Maki. "That makes it hard not to be optimistic about economic growth." European Pressphoto Agency From left, Brandon Dickerson, his father Dan and brother Chris of Rochester, N.Y., after buying two flat-screen televisions in New York City Tuesday. Consumer spending in October, earlier reported to have risen 0.5%, was revised to show a stronger 0.7% gain. As a result, even if spending does not increase at all in December, it is on track to grow at an inflation- adjusted 4% annual rate in the fourth quarter, which would mark its fastest pace since 2006.
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