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U.S. Consumers: Treat or Treat
The sugar-high for American consumers continues amid rising employment, incomes and wealth. And, with the Fed still poised to cut rates next week, shoppers should remain energized for some time. Personal spending jumped 0.5% in September, more than expected, and the monthly pace doubled to 0.4% in real terms, suggesting strong momentum heading into Q4 after an annualized 3.7% gain in Q3. Goods spending led the way, though services were also decent, even for discretionary items such as accommodations and food services. A strong job market is helping: initial jobless claims fell by 12,000 to 216,000 last week and ... (full story)