Sandy holds back consumer spending
WASHINGTON – Americans cut back on spending last month and saw no growth in their income, partly reflecting disruptions from Superstorm Sandy that could drag on economic growth in the final month of the year.
The Commerce Department said Friday that consumer spending dropped 0.2 percent in October. That's down from an increase of 0.8 percent in September and the weakest showing since May.
Income was flat in the month following a 0.4 percent rise in September.
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