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The spending decline in October signaled that the fourth quarter could be far worse.
Percentage-wise, the biggest spending decline was in entertainment, which fell 7 percent last year, to $2,504 a household.
"If you look at the spending decline that drove the great recession, that was coming from the households".
The projected spending decline for next year is slight -- 2 percent in the United States, to $798 billion, from an estimated $811.7 billion this year.
But that doesn't explain all of it: Thanksgiving-weekend purchases at stores and Web sites combined fell three per cent — the first spending decline since 2009, in the depths of the recession.
What is more notable is that the strength in revenues preceded the payroll tax hike at the start of the year, and the spending decline does not seem to reflect sequestration, which has just started to take effect".
Similar(44)
And military spending declined.
Meanwhile spending declined in the three other BRIC economies.
Similarly, Greece's health-care spending declined by 6.5%.
But that is small consolation if global spending declines.
Both investment and consumer spending declined in the quarter.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com