Thursday, December 25, 2008

Are American consumers turning German?

The Commerce Department said spending fell by 0.6 percent after falling even more steeply by 1 percent in October. Incomes contracted by 0.2 percent after a slight 0.1 percent gain in October, reflecting the strain that rising unemployment is putting on Americans' ability to spend.

Double whammy: Spending down, jobless up - Economy in Turmoil- msnbc.com

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