In a spending mood
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.