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Consumer spending up slightly in October as incomes advance
New York City -- Consumer spending rose less than forecast in October as Americans even as personal incomes showed the biggest gains in seven months.
The Commerce Department said Wednesday that spending increased 0.1% last month, the poorest gain in four months. But incomes increased 0.4%, the best showing since March, with private wages and salaries driving the income gain.
Most economists had forecast spending to rise by 0.3% and income by 0.2%.
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Report: Retail executives to drive sales with social media
New York City -- The third annual Retail Finance Outlook released Tuesday by CIT Group found that 80% of retail executives expect their holiday sales to increase or remain the same as last year. And they are eying social media as a means to drive sales.
Among the notable shopping days this holiday season, more than one-third of executives expect Black Friday sales to increase this year; more than a quarter expect Cyber Monday sales to be up and nearly a quarter expect Super Saturday sales to increase.