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Wednesday, Jun 7, 2023

Beaten down, American consumers burrow deeper

WASHINGTON — Beaten down and watching their wealth shrink, Americans are cutting back sharply on their spending, trimming it in September by the largest amount in four years. The Commerce Department reported Friday that consumer spending dropped by 0.3 percent in September, the biggest setback since June 2004. It followed two months in which spending was flat and left activity for the quarterly falling by the biggest amount in 28 years. For the full story visit www.latimes.com/business/la-fi-spending1-2008nov01,0,5580891.story

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