By Shobhana Chandra and Bob Willis
(Bloomberg) — Confidence among U.S. consumers unexpectedly dropped in November as the loss of jobs threatened to undermine the biggest part of the economy.
The Reuters/University of Michigan preliminary sentiment index decreased to a three-month low of 66 from 70.6 in October. A report from the Commerce Department showed the trade deficit widened in September by the most in a decade as rising demand for imported oil and automobiles swamped a fifth consecutive gain … Continue Reading
By Lucia Mutikani
WASHINGTON (Reuters) – U.S. consumers cut spending in September and turned gloomier this month, underscoring the fragile nature of the economy’s recovery even as signs emerged that manufacturing activity may be picking up.
The Commerce Department said on Friday that consumer spending fell 0.5 percent last month, the largest drop since December, after a 1.4 percent increase in August. The decline, which was in line with market expectations, followed the end of a government program to boost auto sales.
A separate report showed factory activity in the nation’s Midwest expanding for the first time … Continue Reading
