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.
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.