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
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

Ameriprise, advisor on the hook to pay Edward Jones $4.7 million in trade secrets lawsuit.
Ameriprise, advisor on the hook to pay Edward Jones $4.7 million in trade secrets lawsuit.

In a constant fight over control of clients, the financial advice industry has a long history of such allegations and disputes.

Powering retirement for Wall Street
Powering retirement for Wall Street

Retirement fintech Vestwell has hit profitability and $200 million in annual recurring revenue, powering savings programs for 750,000 employers and Wall Street’s biggest firms

FINRA fines Vanguard $950,000 over decade of cost basis errors
FINRA fines Vanguard $950,000 over decade of cost basis errors

Faulty Forms 1099 and account statements reportedly left some Vanguard brokerage customers overpaying or underpaying taxes for over a decade.

More ETFs, more opportunity, more homework
More ETFs, more opportunity, more homework

The democratization of ETFs cuts both ways

Advisor moves: Raymond James, Baird add significant teams in latest recruiting push
Advisor moves: Raymond James, Baird add significant teams in latest recruiting push

Independent broker-dealers snap up experienced advisors as competition for established practices intensifies.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains