US consumer spending rose more than expected in September while underlying inflation pressures continued to bubble, keeping the Federal Reserve on track to hike interest rates by three-quarters of a percentage point next week.But there was some encouraging news in the fight against stubbornly high inflation, with other data from the Labor Department on Friday showing private industry wage growth slowed considerably in the third quarter.“Americans may say they are worried about inflation, but they are still out shopping which keeps the economy growing for another quarter,” said Christopher Rupkey, chief economist at FWDBONDS in New York. “There can be no chance that inflation pressures will subside in the near term from slowing demand.”
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