The Journal Gazette
Thursday, November 25, 2021 1:00 am


Consumer spending rises 1.3%

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WASHINGTON – U.S. consumer spending rebounded in October, rising by a solid 1.3%, but inflation remains elevated, rising during the last year at the fastest pace in more than three decades.

At the same time, consumer prices rose 5% compared with the same period last year, the fastest 12-month gain since the same stretch ending in November 1990, the Commerce Department reported Wednesday.

Personal incomes, which provide the fuel for future spending increases, rose 0.5% in October.

Sales of new homes up 0.4% last month

U.S. sales of new homes edged up 0.4% last month, coming in below expectations as housing prices continued to climb.

The Commerce Department reported Wednesday that sales of new single-family homes rose to a seasonally adjusted annual rate of 745,000 last month from 742,000 in September.

1965 investor in Subway dies at 90

Peter Buck, whose $1,000 investment in a family friend's Connecticut sandwich shop in 1965 provided the genesis for what is now the world's largest restaurant chain -- Subway -- has died. He was 90.

Buck, a nuclear physicist, died at a hospital in Danbury, Connecticut, on Nov. 18, Subway said in a statement.

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