Americans Ramped up Retail Spending a Strong 1.7% Last Month
WASHINGTON (AP) – Americans sharply boosted their spending last month, pushing up retail sales and giving the economy a lift.
Much of the gain reflected the fact that shoppers are also paying higher prices.
Retail sales rose a seasonally adjusted 1.7% in October from September, the U.S. Commerce Department said Friday.
That’s up from 0.8% in the previous month.
Solid hiring, strong pay raises, and healthy savings for many households are underpinning robust spending by U.S. consumers.