Economics
Consumer Spending Rises Less Than Forecast as Americans Save
- Wages recorded biggest gain in five months in October
- Fed policy makers monitoring low inflation, even as jobs added
U.S. Economic Data: What Does It Mean to Investors?
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Household spending rose less than forecast in October, showing the biggest part of the U.S. economy was off to a slow start heading into the holiday shopping season.
Purchases increased 0.1 percent for a second month, Commerce Department figures showed Wednesday in Washington. The median forecast of 74 economists in a Bloomberg survey called for a 0.3 percent advance. Income gains accelerated and the saving rate jumped to the highest level in almost three years.