For the fourth straight month, consumer spending grew, rising another 0.4 percent in October following September’s 0.3 percent increase in September. At the same time, the Personal Consumption Expenditures Price Index which includes food and energy and is the Federal Reserve’s preferred means of determining inflation, remained flat.
Regardless of the measure, growth in the US economy remains weak and this provides further ammunition for those supporting the Fed’s second attempt to inflate the economy.
Source: Reuters
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