Personal Spending Falls in October
Washington, DC, Nov. 30, 2012 -- Personal spending in October declined for the first time in five months, according to the Commerce Department.
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Wage growth moderated and Hurricane Sandy disrupted the lives of millions of people in the last few days of the month.
Spending fell a seasonally adjusted 0.2% in October after rising 0.8% in prior month.
Personal incomes were also flat last month. The government said the superstorm reduced wages and salaries by more than $18 billion as calculated at an annual rate.