Consumer Spending Swells in November

Washington, DC, December 21, 2007--Consumers apparently ignored some of the gloomy economic news and spent and increased their spending by the highest rate since May of 2004.

The Commerce Department said that spending swelled by 1.1 percent in November, nearly triple the October gain. Heavy discounting and longer store hours at the start of the holiday shopping season helped push the number higher.

Consumer spending is closely watched because it accounts for two-thirds of total economic activity.

The increase in consumer spending followed a 0.4 percent rise in October.