News Summary: Sandy slows consumer spending, wages
- Article by: The Associated Press
- Associated Press
- November 30, 2012 - 10:42 AM
SPENDING DOWN: Americans cut their spending 0.2 percent in October. When adjusted for inflation, consumer spending fell by the most in three years. The weakness partly reflected disruptions caused by Superstorm Sandy.
FLAT INCOME: Income was flat in October. The government estimated that the storm cut wages and salaries by $18.2 billion at an annual rate.
OUTLOOK: The storm's impact on spending and income could slow economic growth for the rest of the year. Consumer spending accounts for nearly 70 percent of economic activity.
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