Exact(3)
But it went along with a sharp fall in domestic consumer spending (Figure 2).
The consumer spending figure reported on Monday, along with other good economic news that day, had made economists more hopeful there would be no recession this year.
The Commerce Department also revised the consumer spending figure for October, from 0.4%to0.7%7%, which bodes well for the end-of-year GDP figures, it said.
Similar(57)
April's consumer spending figures were revised to show a similar decline when adjusted for inflation.
310k June 26 , 2014And separate consumer spending figures showed that personal incomes rose by 0.4% in May.
As a mature economy, Japan must encourage more consumer spending, but compared with even bigger increases in personal income, today's consumer spending figures did not convince many economists of a fundamental change in economic direction.
These trends will become more apparent, Mr. Zandi added, when economic indicators like year-over-year retail construction, retail sales and consumer spending figures are released early in 2001.
With unemployment figures due out Friday and consumer confidence and consumer spending figures coming next week, the market's uncertainty is likely to continue for the time being.
The US economy grew at an annual rate of 2.5% in the first three months of the year, helped by the strongest consumer spending figures in two years.
But Wednesday's consumer spending figures and other economic data indicate a 3% annual growth rate in the fourth quarter might be optimistic.
"There's no doubt that the consumer spending growth figures for the US, Europe and Japan have disappointed," he said.
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