Consumer incomes and spending surge in October

Americans in October matched their biggest increase in spending this year just as the holiday shopping season kicked off.

According to the government, consumer spending jumped 0.6% last month. Incomes rose 0.5%.

Inflationary pressures, meanwhile, did not move the needle. The 12-month rate of inflation was flat at 2%, as measured by the Federal Reserve’s preferred PCE gauge.

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