WASHINGTON (AP) -- Americans slowed their spending in September to the weakest pace in three months and their incomes fell for the first time in 14 months.
Personal spending rose at an annual rate of 0.2 percent in September, the Commerce Department said Monday. That's below the 0.5 percent gains recorded in July and August.
Incomes fell 0.1 percent in September, following a 0.4 percent rise in August that had been pushed higher by the return of extended unemployment benefits.
The drop in incomes was the first decline since incomes fell 0.3 percent in July 2009. The August gain had been skewed by the reinstatement of an extended unemployment benefits program, which had temporarily lapsed in July after Republicans had blocked an extension.
Monday, November 01, 2010
Well, at least it wasn't "unexpected".
Posted by traderrob at 5:07 AM