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U.S. Consumer Spending Buffeted by Fastest Inflation in Decades
U.S. consumers took a breather in November a month after a holiday spending surge, but that pause risks becoming more lasting if Americans pull back when faced with both the fastest inflation in decades and the omicron variant. Purchases of goods and services, after adjusting for higher prices, were little changed following a solid 0.7% gain in October. The government’s figures were the marquee of a pre-holiday burst of economic reports Thursday that showed stronger orders for durable goods, increased new-home sales and firmer consumer sentiment. Underlying the spending figures are a series of crosscurrents. ... (full story)