US November personal spending and durable goods leave Q4 GDP tracking at 1.5%

US November personal income increased 0.3% mom, above the market consensus expectations, led by a strong 0.5% increase in wage and salary income.

Durable goods total orders were steady in November, recording above consensus expectations of -0.6%.

The real PCE growth was near the expectations in the month of November. The downward revisions to prior month's data softened the overall Q4 profile for real consumer spending growth.

"Our tracking estimate of real consumption fell one-tenth to 2.4%, trimming our Q4 GDP tracking estimate one-tenth to 1.5%. Shipments and inventory data from the durable goods report, on net, left our GDP tracking estimate unchanged after rounding", says Barclays in a research note.