Consumer spending in the U.S. grew robustly in October, indicating that the economy is maintaining a strong growth pace at the beginning of the fourth quarter, though progress in reducing inflation over the past few months seems to have stalled. Data released by the U.S. Department of Commerce on Wednesday showed that consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 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. Moreover, household savings remain elevated. Economists generally expect that despite prices remaining high, the holiday shopping season will perform quite well.