WASHINGTON — U.S. consumers spent modestly more in October, but the small uptick suggests that they’re still wary of buying too much ahead of the crucial holiday shopping season.
The Commerce Department said Wednesday that consumer spending rose 0.2 percent last month, while September was revised from a decline to a flat reading. Income grew 0.2 percent in October.
The U.S. economy has recorded solid growth during the past six months, yet consumers have restrained their spending amid ongoing worries about stagnant wages. But with a steadily improving job market and falling gas prices, economists say American households are ready to shed their cautiousness.
October’s results reflected a 0.2 percent increase in spending on non-durable goods such as clothing and a 0.3 percent rise in spending on services such as utility payments and rent. Spending on durable goods such as autos fell 0.2 percent in October.
