WASHINGTON (AP) -- Consumer spending fell for a fifth straight month in November, the longest weak stretch in a half-century, while incomes declined under the weight of massive job layoffs.
The Commerce Department reported Wednesday that consumer spending fell by 0.6 percent last month, slightly smaller than the 0.7 percent drop that economists had expected.
Americans' incomes fell by a worse-than-expected 0.2 percent.
It was the first decline since July and reflected in part the fact that more than a half-million jobs were cut in November as the recession deepened.
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