Confident consumers brighten economic outlook
Source: Reuters
(Reuters) - Consumer sentiment hit a five-month high heading into the end of the year and spending notched its strongest month since the summer, the latest signs of sustained vigor in the economy that are fostering hopes of a strong 2014.
Consumer spending rose in November at the fastest pace since June and an upbeat sentiment reading for December suggests consumers will keep shopping despite tepid income growth.
"Next year is shaping up to be the better tomorrow we have wanted to see ever since the recession ended almost five years ago," said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ in New York.
Consumer spending rose 0.5 percent after gaining 0.4 percent in October, the Commerce Department said on Monday. The rise matched economists' expectations and was the seventh consecutive monthly increase.
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