Personal Spending Falls in October

Consumer personal spending dropped 1% in October, the biggest drop since the 2001 contraction, the Commerce Department said Wednesday.

The decline followed a 0.3% drop in September, Bloomberg reported.

Incomes rose 0.3%, Commerce said.

Economists forecast spending would rise 1%, Bloomberg said.

An increase in consumer spending could increase demand for new factory goods and the trucking shipments that get them to stores.