Personal spending edges up
Key economic measure weaker than expected early in holiday season, though income stronger.
December 23, 2003: 8:32 AM EST
NEW YORK (CNN/Money) - Personal income and spending rose in November, the government said Tuesday, falling short of Wall Street forecasts, as the holiday shopping season got off to a slower start than expected.
Spending by consumers, which accounts for about 70 percent of the nation's economic activity, rose 0.4 percent after rising a revised 0.1 percent in October, the Commerce Department said. Economists, on average, expected spending to rise 0.7 percent, according to Briefing.com.
The department said personal income rose 0.5 percent after rising a revised 0.2 percent in October. Economists, on average, expected income to rise 0.4 percent, according to Briefing.com.
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