American consumers pulled back on retail spending for the first time in seven months during October, says new data from the U.S. Department of Commerce.
With interest rates at a multi-decade high, consumer spending reportedly dipped 0.1% during the month of October.
However, Americans were still seemingly eager to spend at grocery stores and restaurants, with sales in these sectors rising 0.7% and 0.3% respectively last month.
According to economic analysts, the spending pullback will allow the U.S. Federal Reserve to continue combating inflation.
