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. 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%.