Consumer Spending Jumped Up In September
Though Hurricane Sandy is the dominant news of the day, there are other stories, including:
"Personal income increased $48.1 billion, or 0.4 percent," in September from August, the Bureau of Economic Analysis says, while "personal consumption expenditures" — consumer spending — rose 0.8 percent.
The Associated Press writes that:
"The spending gains reflect in part rising consumer confidence. The University of Michigan reported Friday that its final consumer sentiment index for October had hit a five-year high. Falling gas prices and a slightly better job market were credited with lifting consumers' outlook.
"With eight days until the election, the economy is being kept afloat by a revitalized consumer and the early stages of a housing recovery. But the nation continues to struggle because businesses are reluctant to invest, and slower global growth has cut demand for American exports."
Copyright 2020 NPR. To see more, visit https://www.npr.org.