Posted 12/4/2023, 9:19:00 PM
U.S. Consumer Spending Hits Record $1.57 Trillion in October as Inflation Cools
- Consumer spending in the U.S. hit a record high of $1.57 trillion in October
- Spending is at the highest monthly total since 2010, adjusted for inflation
- Spending as a percentage of income is in line with historical averages
- Inflation has cooled from a 40-year high of 9.1% last summer to 3.2% in October
- The Federal Reserve has held interest rates steady at its last two meetings after repeatedly hiking rates to tame inflation