Thu, Nov 26 2009
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Published October 30, 2009 08:49 am - Consumer spending plunged in September by the largest amount in nine months, reflecting the end of the government’s Cash for Clunkers auto sales program. Incomes, the fuel for future spending, were flat. Consumer spending falls 0.5 percent in SeptemberWASHINGTON (AP) — Consumer spending plunged in September by the largest amount in nine months, reflecting the end of the government’s Cash for Clunkers auto sales program. Incomes, the fuel for future spending, were flat.
While the government reported that the overall economy grew in the July-September period, signaling the end of the worst recession in seven decades, the weakness in spending and incomes as the quarter ended underscores the fragility of the recovery. The Commerce Department says spending dropped 0.5 percent in September, matching economists’ expectations. Personal incomes were unchanged as workers contend with rising unemployment and a squeeze on wages. 
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