Dec. 23 (UPI) — Consumer spending dropped 0.4% in November, the first decline since April as personal income took another hit amid the coronavirus pandemic, the U.S. Commerce Department said Wednesday.
The department’s Bureau of Economic Analysis said personal consumption expenditures for November were $13.04 trillion, down $58.5 billion from the previous month.
Spending had been growing steadily since May despite the economic crisis and job loss precipitated by the COVID-19 pandemic.
There was a 1% decline in spending on goods and a 0.2% drop in spending on services, the monthly report said.
Personal income dropped by $221.8 billion — or 1.1% — in November compared to October, which also experienced a 0.6% drop.
Consumer spending was down 2.4% compared to November 2019, while personal income in the third quarter was down 10.2% compared to the same period in 2019.