WASHINGTON (AP) — Consumers barely increased their spending in October but their incomes rose by the most in seven months. The extra money could boost spending during the upcoming holiday shopping season.
The Commerce Department says spending increased 0.1 percent last month, the poorest gain in four months. But incomes increased 0.4 percent, the best showing since March.
Private wages and salaries drove the income gain.
The slight October gain in consumer spending represented a big slowdown from a 0.7 percent September increase. Spending on durable goods such as autos showed a solid increase but spending on nondurable goods such as food and clothing fell.