Consumer spending rose a seasonally adjusted 0.2% last month, the Commerce Department said Wednesday. What’s more, outlays were actually flat in September instead of falling 0.2% as initially reported.
Consumers boosted outlays on services last month but scaled back purchases of big-ticket items such as automobiles and cellphones.
The pickup in spending in October, the first month of the fourth quarter, would appear to keep the economy on track to grow close to 3% in the final three months of the year. Consumer spending accounts for more than two-thirds of the U.S. economy.
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