Consumer spending jumps despite inflation surge
CBSN
Americans largely shrugged off higher prices last month and stepped up their spending at retail stores and online, providing a boost to the economy.
Retail sales rose a seasonally adjusted 1.7% in October from September, the U.S. Commerce Department said Tuesday. That's up from 0.8% in the previous month.
"Today's stronger-than-expected retail sales numbers further underscore that the US consumer is back, after a summer plagued by the Delta variant of the coronavirus," Matthew Sherwood, global economist at the Economist Intelligence Unit, said. "Although consumer sentiment is being hit hard by the sharp rise in inflation, it is not enough to keep households from hitting the stores and gearing up for Christmas."
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