Cash for Clunkers, spending falls by the largest amount in 9 months
WASHINGTON - 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.
On Wall Street, investors pulled back and stocks erased all the previous day's big gains. The Dow Jones industrial average dropped about 235 points in afternoon trading, and broader indexes also plunged. The biggest declines were among banks, energy and materials companies.
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3 comments:
People are broke and thats all there is to it.
And Doug it's not getting any better.
It won't get any better until Obama and the rest of the Dumbocrats are thrown out of office!
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