Consumer Spending Surges

Consumer spending surged by 1% in September—the biggest monthly gain in eight years. This boost was largely driven by strong auto sales, as an estimated 300k cars were destroyed in the hurricanes and consumers began to replace them. Consumer spending is important since it accounts for 70% of economic activity. And good news for the fourth quarter: Americans were feeling increasingly confident about the economy, which should boost growth for the final three months of the year. (Business Insider, 10.30.17)