Economic news

U.S. consumer spending picks up sharply

U.S. consumer spending posted its largest growth in more than eight years in September as motor vehicle purchases soared in Texas and Florida after two hurricanes, while structural inflation remained muted.

Consumer spending, which accounts for more than two-thirds of U.S. economic activity, leaped 1.0 percent last month, according to data from the Commerce Department.

Economists in a Reuters poll had predicted consumer spending growing 0.8 percent in September.

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