Consumer Spending Drops in October
Tweet Send to a Friend
Investors were a touch jittery on Friday after government figures showed personal spending declined for the first time in 5 months. In October, personal spending declined 0.2 percent. Economists were expecting a flat reading, though the effects of Hurricane Sandy are seen as somewhat difficult to quantify.
Consumer spending accounts for 70 percent of the U.S. economy and the implications of a slowdown are significant. However, for now, despite some minor worry investors are taking a cautious stance as they wait for better visibility on spending ex-Sandy.
The government also reported personal incomes were flat in October, compared to estimates for a gain of 0.2 percent.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Consumer spending accounts for 70 percent of the U.S. economy and the implications of a slowdown are significant. However, for now, despite some minor worry investors are taking a cautious stance as they wait for better visibility on spending ex-Sandy.
The government also reported personal incomes were flat in October, compared to estimates for a gain of 0.2 percent.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- UPDATE: April Business Inventory 0.3% vs 0.3% Expected
- June Empire Manufacturing 7.84 vs Flat Expected
- U.S. Markets Mixed as U.S. Consumer Confidence Moves Off Six-Year Highs
Create E-mail Alert Related Categories
Economic DataRelated Entities
Personal Income/Spending
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
