Consumers spent less at stores, dealerships and gas stations last month, a sign the summer spending boom is cooling heading into the holiday shopping season, the Wall Street Journal reported. U.S. retail sales fell 0.1% in October from a month earlier. That is the first decline since March and comes after a 0.9% increase in September. Declining retail sales, combined with slower hiring and easing inflation indicate that the economy is cooling after surprisingly strong growth much of this year. Americans spent less at auto dealerships as higher interest rates could deter some from making big-ticket purchases. Gasoline purchases also fell, as declining prices at the pump resulted in less spending at gas stations. Sales also declined at department, hardware and furniture stores. Consumers continued to spend more at restaurants and bars, with sales rising 0.3%, and at grocery stores and online.
