Consumer spending in October cools while inflation is picking up
Washington
US consumer spending settled back in October to a still-decent pace after the biggest increase since 2009, as a post-storm surge in auto sales cooled. Incomes remained robust and inflation showed progress toward the Federal Reserve's goal.
Purchases rose 0.3 per cent, matching the median projection in a Bloomberg survey of economists, after a revised 0.9 per cent advance in September, Commerce Department figures showed on Thursday in Washington. Incomes grew 0.4 per cent for a second month, marking the best back-to-back gains since early 2017.
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