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US consumer spending down in Sandy-battered October

Time:12-01  Source:  Reporter:
     US personal consumption declined 0.2 percent in October, while personal income edged up less than 0.1 percent last month, said the department.
     Last month, the US savings rate, personal saving as a percentage of disposable personal income, edged up to 3.4 percent from 3.3 percent in September.
     Consumption accounted for about 70 percent of US overall economic activity, the main engine of the nation's economic growth.
     Superstorm Sandy, which made landfall in New Jersey at the end of October, caused  work interruptions and reduced workers' wages and salaries by about 18 billion US dollars,    said the department.
     US economic growth in the third quarter this year was revised up to a 2.7 percent annual rate from an initial estimate of 2 percent. Real personal consumption expenditures increased 1.4percent in the third quarter, compared with an increase of 1.5 percent in the second quarter, the department announced on Thursday.