Consumer spending drops 0.4%, first decline since April

The last decline was 12.7 fall in April during the lockdown.Personal incomes fell 1.1 in November, the third drop in the past four months as various government relief programs have been expiring.

US consumer spending fell 0.4% in November, the first decline since April, as Americans confronted a newly resurgent virus. The November decline followed a 0.3% gain in October and even bigger increases starting in May, the Commerce Department reported on Wednesday, as the country emerged from a pandemic lockdown that had been imposed to try to stop the spread of the virus. The last decline was 12.7% fall in April during the lockdown.

Personal incomes fell 1.1% in November, the third drop in the past four months as various government relief programs have been expiring. Inflation as measured by a gauge preferred by the Federal Reserve showed a modest 1.1% gain in November, well below the Fed's 2% target.