Most economists think consumer spending, led by the wealthy, will rise further in the months ahead. But they still don't think most shoppers, especially low- and middle- income Americans, will spend lavishly. Shrunken home equity, scant wage gains and high unemployment will keep spending in check.

More Americans are building up savings and paring debt. That's helping repair their personal finances. But it doesn't help fuel the nation's economic growth.

Consumers saved 5.8 percent of their disposable income last quarter. That was down slightly from 6.2 percent in the April-June quarter. It's still much higher than the 1-percent-plus rates just before the financial crisis.

People are steadily trimming debt. The Fed said overall household debt dipped to $13.4 trillion in the July-September period. That's a 3.5 percent drop from a peak in early 2008.

Households, on average, are carrying around $43,321 in debt, ranging from mortgages and credit cards to auto loans and home equity lines.

Debt now accounts for 122 percent of Americans' disposable income -- down from a peak of 135 percent in late 2007