After uptick, spending fell in November

Personal spending fell 0.6% in November, as job losses began to mount and the economy continued to slow, according to the Department of Commerce.
DEC 24, 2008
By  Bloomberg
Personal spending fell 0.6% in November, as job losses began to mount and the economy continued to slow, according to the Department of Commerce. The decline followed a slight 0.1% increase in spending in October, but was a smaller decrease than the 0.8% decrease that was expected by analysts surveyed by Briefing.com Inc. of Chicago. Personal incomes fell 0.2% in November, which followed a 0.1% increase in October. Analysts surveyed by Briefing.com were expecting the personal income reading to come in flat for the month. In another report, the number of weekly unemployment claims grew by 30,000 to 586,000 for the week ended Dec. 20, up from a revised 556,000 the previous week. Orders for U.S.-made durable goods fell 1% in November, according to the Department of Commerce. The decrease was smaller than the 8.4% decline in October orders and short of the 3.1% drop that was estimated by Briefing.com. Orders for transportation equipment posted a 7.4% decrease. Excluding transportation, orders rose 1.2%.

Latest News

Advisor moves: RBC swipes $1.7B UBS team, Baird duo departs for LPL's Linsco channel
Advisor moves: RBC swipes $1.7B UBS team, Baird duo departs for LPL's Linsco channel

RBC Wealth Management's latest move in New York adds an elite eight-member team to its recently opened Westchester office.

Stifel star broker, Chuck Roberts, leaves firm under cloud of investor complaints
Stifel star broker, Chuck Roberts, leaves firm under cloud of investor complaints

Stifel – so far - is on the hook for more than $166 million in damages, legal fees and settlements in investor complaints involving Roberts, a 35-year industry veteran.

iCapital secures $820M in latest funding, hits $7.5B
iCapital secures $820M in latest funding, hits $7.5B

The giant alt investments platform's latest financing led by T. Rowe Price and SurgoCap Partners, along with State Street, UBS, and BNY, will fuel additional growth on multiple fronts.

Merrill Lynch on the hook for $3.7M after clients claimed sale of unsuitable private equity
Merrill Lynch on the hook for $3.7M after clients claimed sale of unsuitable private equity

Some investors recently have seen million dollar plus decisions by FINRA arbitration panels involving complex products decisions go their way.

What does it take to feel 'financially comfortable' or 'wealthy' in 2025?
What does it take to feel 'financially comfortable' or 'wealthy' in 2025?

New report shines a light on how Americans view wealth today.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.