Slower Vehicle Sales Drag Spending Down

By Sean Maher in West Chester 10/30/2009

After surging in August, consumer spending retreated partly in September. Real personal consumption expenditures declined by 0.6% in September from the previous month, while nominal spending fell by 0.5%. Not surprisingly, the decline in September's spending was driven by slower new vehicle sales following the expiration of the cash for clunkers incentive. However, excluding spending on vehicles, real spending on all other types of goods and services is still on an upward trend....

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