U.S. consumers picked up spending by a modest amount in October, a slight improvement after no gain at all in the previous month. Spending is closely watched because it accounts for 70% of economic activity. Solid job gains this year are helping to lift spending, which is bolstering the overall economy. The Commerce Department says consumer spending rose 0.2% last month, while September was revised from a decline to a flat reading. Income grew 0.2% in October, matching the modest September gain. Economic growth came in at a solid 3.9% in the July-September quarter. Economists are looking for growth of around 2.5% in the current quarter, and they believe 2015 will see further spending gains and growth of around 3%.
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