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25/11/2011 -
Perhaps in preparation for the coming holiday season, consumers increased their spending in October, although at a slower pace than economists had expected.According to data released Wednesday by the U.S. Department of Commerce, spending surged by 0.1 percent last month, down from the 0.7 percent noted in September and the 0.3 percent projected by Bloomberg economists. The figures also jibe with a report by Thomson Reuters and the University of Michigan that noted an increase in consumer sentiment in October to the highest level since June.
While October is not traditionally considered a part of the holiday shopping season, the month's weak showing offers some grim projections for consumer spending in November and December, perhaps pointing to a slower overall season.
"It will probably be a lukewarm holiday season," Michael Feroli, chief U.S. economist at JPMorgan Chase told Bloomberg. "We are not hearing anecdotes of a major pullback, nor does it look like consumers are accelerating their spending."
However, officials also reported a better-than-expected rise in incomes, as consumers enjoyed a 0.4 percent increase, compared to 0.1 percent in September and the 0.3 percent projected by Dow Jones Newswires.
