Consumer spending, that all-important measure comprising 70 percent of GDP growth, rose by only 3.4% in October compared to the same month last year, well off the 12-month high of 4.4% reached last November.
Spending on apparel and footwear lagged the overall increase, rising by less than 2.5% on a 12-month smoothed basis.
Increases in spending on both durable goods and services, which gained almost 5 percent and 4 percent, respectively, were more than offset by sluggish nondurables spending, which dipped by 0.2%.
Apparel spending grew faster than footwear spending in October, rising by 2.6% compared to 1.5%.
Within apparel, spending on clothing for females increased by 3.4%, while men’s apparel consumption was up by 2.5% and children’s increased by 2.6%.
