Consumer spending rose a tepid 0.1% after adjusting for inflation in October. That follows a slight downward revision to September, which was extremely strong as consumers scrambled to replace and repair property in the wake of hurricanes. The composition of spending was still heavily weighted toward big-ticket items, such as vehicles, furniture and appliances as well as services. Spending on nondurable goods such as clothing fell sharply during the month. We expect the bifurcation of spending between big-ticket durable goods and services to continue into the holiday season.