Consumer Spending Drops in October

(CNN) — If you went shopping last month, you might not have had much company in the stores.

The Commerce Department says consumer spending fell point two percent in October. This is the first decline since May.

Consumer spending accounts for more than two-thirds of the nation’s economy, so the pullback could be a worrisome sign.

Stalled income growth, lower gas prices and Superstorm Sandy contributed to the cut in spending.

The personal savings rate did increase, however, to 3.4 percent.

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