Consumer spending in the U.S. unexpectedly dropped in September as incomes rose at the slowest pace of the year, indicating the economy will have difficulty sustaining a pickup in growth into the end of the year.
What’s likely adding to investors’ nervousness is whether the latest reading for retail spending marks the end of the near 45-degree rise since March 2009 that coincides with the onset of the bull market.
American consumers in 2013 were more upbeat than at any time in the previous six years as views on the economy, finances and the buying climate improved.
Consumer sentiment fell less than forecast in June from an almost six-year high a month earlier as Americans grew more upbeat about the economic outlook.
