Consumer Spending Cools in U.S. as Households Boost Savings
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Consumer spending in the U.S. cooled in September as households put more money in the bank heading into the partial government shutdown.
Household purchases, which account for about 70 percent of the economy, rose 0.2 percent after a 0.3 percent gain the prior month, Commerce Department figures showed today in Washington. The advance matched median forecast of 78 economists in a Bloomberg survey. The saving rate rose to the highest level of the year as incomes increased 0.5 percent for a second month.