NEW YORK (CNN/Money) - We're watching the consumer very carefully right now to see if spending is holding up going in to the holiday shopping season.

Jobs growth looked good in October so that could help. Oil prices are not quite as high as they were, but heating oil prices are probably starting to take a bite in some households as the weather gets cooler.

Over in Europe, it's clear something has taken a bite out of the economy because GDP growth rates in several countries reported over the last couple of days has been anemic, and that's putting it mildly. Europe has all kinds of problems of its own, the structural ones for example that stem from having economies still burdened by social programs that cost a lot and make labor markets less flexible.

But high energy prices have surely played a part in the latest slowdown. It may not hurt the economy here much as they depend on the U.S. more for growth stimulus than the U.S. depends on Europe. But it can't be a plus for U.S. exporters either.

That's one more reason to hope the U.S. consumer keeps buying.  

Kathleen Hays is economics correspondent for CNN and contributes to Lou Dobbs Tonight.