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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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Levin tenant survey: Most are optimistic for the holidays
North Plainfield, N.J. -- Shopping center owner and manager Levin Management Corp., in its annual pre-holiday survey, found that more than a third of its retail tenants predict 2011 sales will be higher than 2010’s, while just 18.9% project a drop in sales for the 2011 holiday season.
The remaining 44.2% expect this year’s holiday sales to mirror last year’s.