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Fiscal Cliff (2013)

Consumer spending inches up in October as cautious Americans save more

Consumer spending inches up in October as cautious Americans save more

Consumer spending inched up last month, rising at a rate well below expectations, as cautious Americans saved more of their growing incomes, the Commerce Department said Wednesday.

Personal consumption expenditures increased just 0.1% for the second straight month. Economists had expected a 0.3% increase.

The slow pace of spending by consumers -- a category that accounts for about two-thirds of U.S. economic activity -- could be a warning sign to Federal Reserve policymakers as they consider whether to hike a key interest rate next month.

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