Alina Selyuk

People also spent more on, quote, information processing equipment.

That could be computer hardware, presumably as part of the AI boom.

At the same time, business and residential investment declined in the third quarter.

Spending by state and local governments increased.

Alina Seljuk, NPR News, Washington.

Federal data continues to show consumer spending cooling off.

We saw it in September and now again in October.

Spending at restaurants and bars actually dipped for the first time in a while compared to a month earlier.

So did sales at auto and auto parts dealers, which is the biggest drag on the October data, down 1.6%.

Now, compared to last year, shoppers are still spending more going out to eat and drink and shop.

Much of it has to do with simply higher prices, though some categories really outpace inflation.

People actually shopped more at electronics and clothing stores in October.

Even department stores saw a notable jump, and online stores saw sales grow 9 percent compared to October of last year.

Alina Seluk, NPR News, Washington.

Versace has struggled to keep up financially, and its fate has been tied up with a turbulent few years at its parent company, Capri Holdings.

Capri took over in 2018.

Versace was a famously family-run fashion house known for designs that are over-the-top, loud and proud, like Baroque printed silks.

The conglomerate Capri owns many other brands, including Michael Kors and Jimmy Choo.

and it had tried to sell itself a couple of years ago, but that deal was rejected by U.S.

regulators.