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Consumer spending slips
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Issue
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| Contributor | Servo |
| Last Edited | Servo Oct 31, 2003 01:38pm |
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| Category | News |
| Media | TV News - National Broadcasting Company MSNBC News |
| News Date | Friday, October 31, 2003 06:00:00 AM UTC0:0 |
| Description | THE LARGEST OVER-THE-MONTH decrease in spending in a year, reported Friday by the Commerce Department, came after consumer spending shot up by 1 percent in July and then another 1.1 percent in August. Consumers spent more lavishly earlier as they began to see the cash from President Bush’s third round of tax cuts.
Economists had said in advance of Friday’s report that the brisk pace of spending — which helped spur a 7.2 percent annual rate of growth in the third quarter — just couldn’t be sustained. They had predicted that shoppers would rein in their finances in September, and they did just that.
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