Richmond Times-Dispatch

In a spending mood

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The Commerce Department issues its October snapshot of U.S. consumer spending today.

Spending rebounded sharply in May and June after a sharp pullback in the spring when the economy nearly shut down entirely due to the coronaviru­s. Since climbing 8.7% in May and 6.5% in June, spending has been running at higher rate than before the pandemic. The rebound in spending is a key reason why U.S. economic growth surged by a record 33.1% annual rate in the third quarter.

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