Digital Access

Digital Access
Access saukvalley.com from all your digital devices and receive breaking news and updates from around the area.

Home Delivery

Home Delivery
Local news, prep sports, Chicago sports, local and regional entertainment, business, home and lifestyle, food, classified and more! News you use every day! Daily, Daily including the e-Edition or e-Edition only.

Text Alerts

Text Alerts
Choose your news! Select the text alerts you want to receive: breaking news, prep sports scores, school closings, weather, and more. Text alerts are a free service from SaukValley.com, but text rates may apply.

Email Newsletters

Email Newsletters
We'll deliver news & updates to your inbox. Sign up for free e-newsletters today.
Nation & World

Sandy disrupts consumer spending surge

WASHINGTON (MCT) – Consumer spending dipped in October, the first decline in 5 months, as Superstorm Sandy took a big bite out of paychecks in the Northeast.

Personal consumption expenditures fell by $20.2 billion, or 0.2 percent, in October compared with September, the Commerce Department said Friday. Income growth was basically flat in October, increasing $800 million, or less than 0.1 percent.

Both figures came in below analyst expectations of about a 0.1 percent rise in spending and a 0.2 percent increase in personal income.

The Commerce Department said the impact of Sandy, which hit the East Coast on Oct. 29-30, was felt in 24 states, particularly in New York and New Jersey.

Work interruptions reduced wages and salaries by about $18.2 billion, the agency said.

Consumer spending was up 1.7 percent in October from the same month last year.

Inflation remained tame in October, with the monthly price index, excluding volatile food and energy, up 0.1 percent in October from September.

Year-over-year, the personal consumption expenditures price index is up 1.6 percent, below the Federal Reserve’s annual inflation target of 2 percent.

———

©2012 Los Angeles Times

Visit the Los Angeles Times at www.latimes.com

Distributed by MCT Information Services

_____

Topics: t000016744,t000002774,t000002537,t000040342

Loading more