Consumer Spending Down 1 Percent in October

Consumer spending dropped 1% in October which was 0.01% steeper drop than the expected nine percent. The drop was due to consumer's concern of the worsening economy. the government measure of the U.S GDP through the July - September quarter showed a 0.5% decline of the U.S economy, with October's steep decline in consumer spending it seems like that the annual GDP decline would be greater than 0.5%. Some projects a 4% annual decline in this quarter based on October's figures.