Consumer Spending Fell in September
To no one's surprise, consumer spending was down last month, but this was the first time spending has gone down in two years. The Commerce Department says purchases decreased by 0.3%; Bloomberg News says it caps "the weakest quarter in three decades and indicating the economic slump is deepening." Yeterday, GDP data revealed the economy contracted by 0.3%, which many private-sector economists believe means the U.S. "has already entered a recession." Stocks, which were up yesterday (the Dow rose 200 points), look to open lower today.
Contact the author of this article or email tips@gothamist.com with further questions, comments or tips.
