Americans turned cautious in spending before the beginning of holiday season. The latest consumer spending data for October 2015 shows the slowdown in consumer credit growth. The consumer credit growth was less than forecast for the month.
The US construction sector recorded an encouraging spending of $1.08 trillion, a 0.7 percent monthly growth, indicating a seven-year high. The July data from the US Commerce Department has not only boosted the market sentiment but also gave an indication of robust economic activity in the third quarter.
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