Consumer Spending Dipped In October; Superstorm Sandy Blamed
The economic effects of Superstorm Sandy continue to be felt. According to the Bureau of Economic Analysis, consumer spending edged down 0.2 percent in October from September, and personal income dipped 0.1 percent.
As Bloomberg News says, "Sandy kept some in the Northeast from getting to work or from shopping at malls and car dealerships."
Economist Chris Christopher at IHS Global Insight tells Bloomberg that "holiday sales will be a little weaker than we originally thought" because Sandy "took out some of the momentum."