The economy grew a tick faster than economists had expected in November.
Durable goods orders in November showed that the value of orders received by manufacturers for long-lasting goods rose more sharply than expected last month. The number came in at a 2.3% rise versus expectations of a 1.6% rise and October's 5.6% drop.
Personal income and consumption, meanwhile, grew a tenth of a percentage point faster than economists were expecting. Personal income rose 0.4% compared with a 0.2% drop in November. Economists had been expecting a 0.3% rise. Personal consumption rose 0.3%, just above the 0.2% rise seen in October. Economists had been forecasting another 0.2% rise.
Rising income raises the question for the Fed about whether more purchasing power will help consumers push prices higher and increase the risk of inflation.
Personal savings fell 0.8%.
Durable goods orders for November. Source: Census Bureau. Actual: 2.3%. Forecast: +1.6%. Previous: -5.6%.
Personal income and consumption for November. Source: Commerce Department. Actual: 0.4%. Forecast: +0.3. Previous: -0.2%. Consumption. Actual: 0.3%. Forecast: +0.2% Previous: +0.2%.
For a longer term economic calendar, check