U.S. Consumers Curb Spending in November

U.S. consumers kept a grip on their wallets in November, spending less heartily and saving more, while the nation’s factory sector enjoyed a surprisingly strong business pickup, the government reported on Thursday.

The two reports from the Commerce Department pointed to steady though unspectacular expansion that left markets largely unmoved in thin trading just ahead of the Christmas holiday weekend. U.S. bond and stock markets are closed on Friday.

Consumer spending edged up a slim 0.2 percent in November — a fraction of October’s 0.8 percent jump — as purchases of new cars dropped sharply. The figure is closely monitored since spending fuels two-thirds of national economic activity.

The October spending figure was revised up from the department’s previous report showing a 0.7 percent rise. After adjusting for inflation, November’s personal spending was flat after posting a 0.4 percent gain in October.

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