U.S. consumer spending saw robust growth in October, indicating that the economy is maintaining a strong growth pace at the beginning of the fourth quarter, although progress in reducing inflation over the past few months seems to have stalled. The U.S. Department of Commerce reported on Wednesday that consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased by 0.4% last month, while the increase for September was revised up to 0.6%. Low unemployment rates have largely supported consumption, and a rebound in the stock market along with strong household balance sheets due to high home prices have also played a significant role. Additionally, household savings remain high. Economists generally expect that despite prices still being elevated, the holiday shopping season will perform quite well.