Large drop in US consumer spending

United States consumer spending dropped one percent in in October, the largest decline since September of 2001. Consumer spending, which makes up approximately two-thirds of economic activity in the United States, rose by 0.3% in September.

Meanwhile, the Commerce Department has stated that the pace of new home sales in October dropped by 5.3% to a seasonally adjusted annual rate of 433,000, their lowest rates since January 1991.

Other figures released yesterday say that the number of new jobless claims last week dropped to 529,000 from a sixteen-year high of 543,000 in the previous week.

Sources: Wikinews