Consumer spending jumps in November

Consumer spending increased by 0.5 percent in November, the biggest leap in five months, the Commerce Department said Monday.

The jump in consumer spending, which accounts for around 70 percent of economic activity, is the latest sign that the U.S. recovery is becoming more robust.

{mosads}The Commerce Department also said that consumer spending — which has now risen throughout the summer and fall — increased by 0.4 percent in October, a bit better than originally thought.

Personal income also rose by 0.2 percent in November, after posting a slight decline in October.

The data comes just after the government reported that the economy posted 4.1 percent growth in this year’s third quarter, and as the director of the International Monetary Fund, Christine Lagarde, revealed that her group would boost its 2014 forecast for the U.S. economy.