US consumer spending rose solidly in October while inflation moderated, giving the economy a strong boost at the start of the fourth quarter as it navigates a high interest rate environment.
Consumer spending, which accounts for more than two-thirds of US economic activity, jumped 0.8% after an unrevised 0.6% increase in September, the Commerce Department said on Thursday.
October’s growth was in line with economists’ expectations.
There was also a moderation in the inflation trend last month. The personal consumption expenditure (PCE) price index rose 0.3% after advancing by the same margin in September.
In the 12 months to October, the PCE price index increased 6.0%, after advancing 6.3% in September.
A separate Labor Department report on Thursday showed initial jobless claims fell by 16,000 to a seasonally adjusted 225,000 for the week ended Nov. 26.
Source: CNN Brasil
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