Gentle US recovery

Figures released in Washington yesterday suggested that the US recovery is proceeding modestly and that consumer confidence in future economic performance may have risen. Personal incomes increased by 0.2 per cent in November, but spending advanced by 0.5 per cent in what analysts saw as a gently rising pre-Christmas trend. A decline in November durable goods orders of 1.9 per cent was due entirely to falling aerospace and defence orders.