The Commerce Department reported on Wednesday that consumer spending, when adjusted for inflation, rose 0.6 percent in November, its largest gains in two years. The increase followed a 0.5 percent decline in October.

While the unadjusted rate of consumer spending declined 0.6 percent last month, following a 1 percent drop in October, economists suggested that the relative increase in spending was a rare piece of good news for the faltering economy.

“The declines in gasoline prices have been extremely large, larger than anything we’ve seen in the past,” said Dean Maki, chief United States economist at Barclay’s Capital. “That’s providing a lot of spending power to households.”

Gasoline prices have plunged to $1.66 a gallon from their July peak of $4.11 as Americans drove less, construction projects were halted and the global appetite for oil waned in the economic slowdown. Filling up a 15-gallon tank now costs about $25, compared with $60 this summer.

“It’s a very substantial amount of money that’s been freed up,” said Abiel Reinhart, North American economist at JPMorgan Chase. “That’s a definite positive for consumers. It’s probably the only positive at this point.”

Financial markets in New York took the mixed news in stride on a shortened trading day before Christmas. At 10:30 a.m., the Dow Jones industrial average was 27 points higher while the broader Standard & Poor’s 500-stock index was up a fraction of 1 percent.

American retailers are bracing for a bruising holiday season as Americans bargain-hunt and trim their budgets. Many have slashed their earnings outlooks and are offering deep discounts and “doorbuster” sales simply to entice shoppers into their stores.

Households continue to save more money as many Americans adjust to stagnant wages and reduced working hours and brace for the possibility of layoffs. The Commerce Department reported that personal savings increased 1 percent in November compared with 0.7 percent in October.

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