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[US Consumer Spending Grows Steadily, Economy Remains Strong] US Consumer Spending Grew Steadily In October, Indicating That The Economy Maintained A Strong Growth Pace At The Beginning Of The Fourth Quarter, But Progress In Reducing Inflation In The Past Few Months Seems To Have Stagnated. Data Released By The US Department Of Commerce On Wednesday Showed That Consumer Spending, Which Accounts For More Than Two-thirds Of US Economic Activity, Increased By 0.4% Last Month, While The Increase In September Was Revised Up To 0.6%. Low Unemployment Has Largely Supported Consumption, And Strong Household Balance Sheets Brought About By A Stock Market Rebound And High Housing Prices Have Also Played An Additional Role. In Addition, Household Savings Remain High. Economists Generally Expect That The Holiday Shopping Season Will Perform Quite Well Despite Prices Remaining High
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