WASHINGTON-- The Commerce Department recently reported that personal spending rose by an all-time high of 2.9% in October, led by a record increase in purchases of automobiles and other durable goods.

The 2.9% increase in spending followed a large decline of 1.7% in September.

The October spending increase surpassed the old monthly record of a 2.6% increase in September 1986. Sales of durable goods surged by a record 13.8% in October. Sales of nondurable goods posted a much smaller 0.5% gain. Sales of services rose by 12%.