Consumer spending drops to a 9 month low, matching a significant decline in consumer sentiment which catches analysts off guard. Declining consumer savings rate and a spike in loans drawn off 401K suggest an American consumer that is strapped, feeling the weight of payroll tax holiday expiration and fiscal cliff fear mongering. Monica discussed this and more with Neil Cavuto.
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After months of increases, latest consumer spending data shows a decline for October. An understandable outcome from super storm Sandy or sign of greater economic weakness? Monica Mehta breaks down the latest retail number with Fox’s Neil Cavuto.