NEW YORK (AP) -- Stocks are relatively flat in early trading on Wall Street after a government report showed that consumers cut back on spending last month.
Americans cut back on spending last month and saw no growth in their income, reflecting disruption from Superstorm Sandy that could hold back economic growth in the final months of the year, the Commerce Department said Friday.
Consumer spending dropped 0.2 percent in October. That's down from an increase of 0.8 percent in September and the weakest showing since May. Income was flat in the month.
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