US personal spending rises 0.7% in December, more than estimates

By Ovunc Kutlu

ISTANBUL (AA) - Americans' personal spending increased 0.7% in December 2023, more than estimates, according to official figures released Friday.

Personal consumption expenditures rose $133.9 billion last month, according to data from the Commerce Department's Bureau of Economic Analysis.

Market estimates were expecting an increase of 0.4%. Personal consumption expenditures for November showed gains of 0.4%.

Personal outlays, which include consumption expenditures, personal interest payments, and current transfer payments, increased $134.7 billion in August, according to the figures.

While personal savings amounted to $766.7 billion in December, the personal saving rate — personal savings as a percentage of disposable personal income — was 3.7%, figures showed.