Purchases of goods and services, unadjusted for changes in prices, increased 1.3% last month, the most since March, the Commerce Department says.
Advertisement
“The combination of higher inflation risks and consumer resiliency means that the likelihood of the Fed accelerating the pace of taper has increased substantially,” Bloomberg Economics’ Anna Wong and Eliza Winger wrote following the report. Meantime, wages and salaries rose 0.8% in October after a 0.9% increase, the Commerce Department’s report showed. A host of companies, including Macy’s Inc. and Sherwin-Williams Co., are raising wages and boosting perks in a war for talent.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. Households Likely Increased Spending in OctoberU.S. consumers likely boosted spending in October, helping to power the broader economic recovery as businesses step up investment and the labor market tightens.
Read more »
Americans Are Still Spending Ahead Of Holiday Season Despite Inflation SurgeWhile higher prices aren't stopping people from spending right now, it could impact lower income Americans should price increases continue:
Read more »
Kevin O'Leary on U.S. spending plan: 'The last thing we need is an inflation bill'Voters in the U.S. are 'pissed' about inflation and the Democrats may have a difficult time at 2022's midterm elections, celebrity investor Kevin O'Leary told CNBC.
Read more »
Treasury yields fall ahead of Fed minutes and dataU.S. Treasury yields gave up some ground on Wednesday, ahead of the release of minutes from the latest Federal Reserve meeting and inflation data.
Read more »
Pakistan's central bank predicts 5% growth for the economy despite inflation worriesPakistan's economy is still teetering on the brink of crisis — the country faces record inflation that is pushing the price of daily commodities higher.
Read more »