Technology

October online spending up just 1% from year ago

NEW YORK Online spending for October grew at the slowest pace since at least 2001, an Internet research company said yesterday - the latest evidence that Web shopping is being dragged down by the deteriorating economy. According to the comScore Inc. report, online spending increased a meager 1 percent last month from the year-ago period, marking the slowest sales pace for any month since the Chicago-based company began tracking the data seven years ago. The results exclude business from auctions, autos and travel. "While rising prices remained consumers' biggest concern in October, it's clear that the increase in the country's unemployment rate along with the shock of the financial market meltdown have had a negative impact on the psyche of the American consumer, and the effects were clearly felt in the online retail sector," comScore Chairman Gian Fulgoni said in a statement. Overall, online retail spending from August through October grew 4 percent compared with the year-ago period, with spending declining 3 percent among households making less than $50,000. Among households with income between $50,000 and $100,000, spending rose 1 percent, while those making at least $100,000 increased their spending by a robust 14 percent.