U.S. consumer spending barely rose in October as households took advantage of rising incomes to boost savings to their highest level in nearly three years, according to an article in Reuters.
From the article:
Savings increased to $761.9 billion, the highest level since December 2012, from $722.9 billion in September. Higher savings could over time buoy consumer spending.
The Commerce Department said consumer spending edged up 0.1 percent after a similar increase in September.