Americans increased their spending in October at the fastest rate in three months even though income growth was at its weakest showing in 13 months.
The Associated PressAmericans increased their spending in October at the fastest rate in three months even though income growth was essentially flat, its weakest showing in 13 months.
An inflation gauge that is tied to spending edged up a modest 0.2% and is just 1.3% higher over the past 12 months, well below the Federal Reserve’s 2% annual target level for inflation. During the July-September quarter, consumer spending, which accounts for about 70% of the economy, grew at a solid 2.9% annual pace. It was a key reason why the economy was able to withstand the effects of weak business investment related to the trade war. Overall growth, as measured by the gross domestic product, amounted to a 2.1% rate last quarter, the government said Wednesday, slightly lower than the 2% annual gain in the previous quarter.
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