Personal income falls 1.1 percent, spending down in November
In a sign of a weakening economic recovery, personal incomes fell 1.1 percent in November by some $221.8 billion, while consumption dropped 0.4 percent, or $63.3 billion, according to data released Wednesday by the Commerce Department.
Personal income changes have been all over the map in recent months, rising in July and September, but falling in August, October and November. Consumption in that time period had risen until this month, a sign of trouble for an economy that relies on consumer spending.
The latest indicators come amid an unusual showdown between President Trump and Congress. Congress approved a $2.3 trillion government funding and COVID-19 relief bill Monday, but Trump on Tuesday demanded changes.
If Trump decides to veto or not sign the bill, the government would shut down Monday night and crucial unemployment benefits will expire over the weekend.
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