October's drop in consumer spending is a bad start to Q4 and sparks a round of cuts in Q4 GDP...
October's drop in consumer spending is a bad start to Q4 and sparks a round of cuts in Q4 GDP forecasts. But the real risk, as RBC sees it, is that superstorm Sandy had enough of an impact early in November to offset what seems to be an OK start to the holiday shopping season. If November spending comes in soft, the possibility of a negative sign in front of Q4 GDP is "non-trivial."
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