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The spending decline in October signaled that the fourth quarter could be far worse.
"If you look at the spending decline that drove the great recession, that was coming from the households".
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".
The medium affected the most by the spending decline in the first nine months was newspapers, down 21.5percentt, followed by national spot radio, down 18.6percentt, and spot television, down 17.9percentt.
A large part of the spending decline came from a fall in government spending.
That double whammy more students and fewer state dollars—has accelerated the spending decline on a per-capita basis.
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The spending declines are relatively modest, a few percentage points here and there.
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.
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.
Percentage-wise, the biggest spending decline was in entertainment, which fell 7 percent last year, to $2,504 a household.
A Minnesota study (Chism and Levins 1994) found that the local spending decline was related to enlargement in scale of individual livestock operations rather than crop production.
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CEO of Professional Science Editing for Scientists @ prosciediting.com