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Less spending
February 3, 2009, Tuesday
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Print Edition
Print Edition
CONSUMER spending in the United States fell in December for a record sixth consecutive month, a slump that is likely to persist as companies slash payrolls. The 1 percent drop in purchases was larger than forecast and followed a 0.8 percent dip in November, the Commerce Department said yesterday in Washington.
The Federal Reserve's preferred measure of inflation was little changed for a third month. The loss of almost 2.6 million jobs last year and record declines in home values have shaken confidence, indicating sales and prices are likely to keep retreating.
The Federal Reserve's preferred measure of inflation was little changed for a third month. The loss of almost 2.6 million jobs last year and record declines in home values have shaken confidence, indicating sales and prices are likely to keep retreating.
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