Consumer Spending, Wages Drop Friday, November 30, 3:13 PM ET
The Commerce Department said on Friday that consumer spending fell by 0.2 percent, after registering a 0.8 percent increase in September. Wages and salaries dropped 0.2 percent. Hurricane Sandy was in part to blame for the weak showing of both indicators, but wages would have been flat if the $18.2 billion annual hit to wages from the storm was stripped out of the equation.
Economists cut fourth-quarter GDP growth estimates based on the data, with growth expected to increase between a 1.0 percent and 1.8 percent annually.
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