American consumers increased their spending at a steady pace in November, with personal consumption rising 0.3% after adjusting for inflation. The core PCE price index, the Federal Reserve's favored inflation gauge, climbed 0.2% from October and sits at 2.8% year-over-year.

This marks the second consecutive month of modest spending growth, suggesting households are managing persistent price pressures. While inflation has cooled from last year's peaks, the 2.8% annual increase remains above the Fed's 2% target, complicating monetary policy decisions.

Market participants will scrutinize whether this trend continues into December, especially given holiday spending patterns. Economists are watching to see if wage growth sustains purchasing power or if tighter credit conditions begin weighing more heavily on consumption.