The Commerce Department reported Friday that consumer spending fell 0.2% after an 0.8% jump in September. It was the first decline in spending since May. Personal income was unchanged after rising 0.4% in September.
Consumer spending accounts for more than two-thirds of the nation's economy, so the pullback could be a worrisome sign.
But the big increase in spending in September was also accompanied by a drop in the personal savings rate, which is a concern for economists. The savings rate did rise modestly in October though, to 3.4%.
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|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.48%||4.38%|
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|15 yr refi||3.48%||3.41%|
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