Consumer spending splurges
October 30, 2009 | industry, personal finance | Comments (0)I think tight credit has a lot to do with this. From the story:
Spending adjusted for inflation fell 0.6 percent in September, also the largest decline since December, after rising 1 percent the prior month, the Commerce Department said.
Personal income was flat last month after rising 0.1 percent in August. That was also in line with market expectations.
Real disposable income fell 0.1 percent in September. Despite the fall in income, Americans saved more money last month. Savings increased to an annual rate of $355.6 billion, lifting the saving rate to 3.3 percent from 2.8 percent in August.
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