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%.
|Microsoft unveils new Xbox One game console|
|The Obamacare myth about small business|
|Judge rules Airbnb illegal in New York City|
|Make $30 an hour, no bachelor's degree required|
|Herbalife hires new auditors|
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.67%||3.62%|
|15 yr fixed||2.80%||2.76%|
|30 yr refi||3.65%||3.61%|
|15 yr refi||2.80%||2.76%|
Today's featured rates:
|Latest Report||Next Update|
|Home prices||May 28|
|Consumer confidence||May 28|
|Manufacturing (ISM)||June 3|
|Inflation (CPI)||June 18|