Consumer Spending is Down

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It appears our recent spending binge has wound down a bit. The Commerce Department says consumer spending posted its biggest decline in a year in September.

Nevertheless, this year's holiday shopping season is expected to be one of the best in years.

Just Thursday, the government reported third-quarter growth surged at an annual rate of more than seven percent, and according to the latest consumer sentiment index, we view the U.S. economy in somewhat better shape at the end of October.