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.
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