Consumers are showing signs of strain even as they keep spending, CNBC/NRF Retail Monitor shows

Retail sales grew at their slowest pace in nearly a year in October, according to the CNBC/NRF Retail Monitor, as high prices weighed on U.S. consumers. The deceleration signals households are pulling back even while overall spending continues. The slowdown matters because consumer spending drives roughly two-thirds of U.S. economic activity, making it a key gauge for retailers heading into the holiday season. Investors will watch upcoming retail earnings and holiday sales data for further evidence of how far spending is cooling.