United States consumer spending fell by 1% in the previous month, the biggest decline since September 2001. The demand for “durable goods,” goods that will last at three years, fell 6.25%. Consumers are only buying the necessities and basics. Home sales also have a gloomy future, they are the lowest they have been in 17 years.
The decreases were greater than analysts had expected. They expect for the decline to increase as the year comes to an end.
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