Consumer spending retreats after clunkers program ends

U.S. consumer spending fell sharply in September after the government's cash-for-clunkers program expired, while after-tax incomes dropped for the fourth month in a row, the Commerce Department estimated Friday.

On a real (inflation-adjusted) basis, consumer spending sank a seasonally adjusted 0.6% in September, a reversal from the 1% gain seen during in August, the government's data showed. It was the largest decline in spending since December.

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- Posted: 2009-10-30 10:47:25

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