News Summary: US consumer spending up in October

Published on NewsOK Modified: December 6, 2013 at 11:11 am •  Published: December 6, 2013

BIG SPENDERS: U.S. consumers increased their spending in October even though their wages and salaries barely increased.

DETAILS: The Commerce Department said consumer spending increased 0.3 percent in October compared with a 0.2 percent rise in September. But wages and salaries rose a slight 0.1 percent in contrast to a 1 percent rise in September.

THE TAKEAWAY: The report raised questions about how strongly the economy will grow at the end of the year. Overall income fell 0.1 percent following a 0.5 percent rise in September. The personal saving rate dipped to 4.8 percent of after-tax income in October from 5.2 percent a month earlier.

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