Americans earned more, spent more, saved more

NEW YORK (CNNMoney)

Personal income rose 0.6% during the month, and spending rose 0.4%, both more than economists had expected.

Meanwhile, Americans also stashed away a larger portion of their earnings. The savings rate rose to 3.6% in November, up from 3.4% in October.

The Commerce Department's monthly data comes a day after it released a report showing the economy grew 3.1% in July through September, with a rise in consumer spending leading as the single largest driver of economic growth.

First Published: December 21, 2012: 8:53 AM ET

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