Consumer Spending Down in October, Income Growth Stalling
Sandy partially to blame, also a sign of weak fundamentals in the economy
Consumer spending fell in October for the first time in five months and income growth stalled, leading some economists to cut already weak estimates of fourth-quarter economic growth.
Superstorm Sandy was partly to blame for the pullback in spending as the quarter started, but economists said the data on Friday also underscored the economy's fundamental weakness.