The News-Times

Americans, spend, but inflation casts pall on economy


Americans are doing the main thing that drives the U.S. economy — spending — but accelerati­ng inflation is casting a pall. A raft of economic data issued Wednesday showed the economy on solid footing, with Americans’ incomes rising and jobless claims falling to a level not seen since the Beatles were still together. The spike in prices for everything from gas to rent, however, will likely be the chief economic indicator Americans discuss over Thanksgivi­ng Day dinner. The Commerce Department reported that U.S. consumer spending rebounded by 1.3 percent in October. That was despite inflation that over the past year has accelerate­d faster than it has at any point in more than three decades.

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