Bloomberg News

U.S. Stock Futures Maintain Losses After Consumer Spending Data

September 30, 2011

Sept. 30 (Bloomberg) -- U.S. stock futures maintained losses after U.S. consumer spending slowed in August as incomes unexpectedly dropped for the first time in almost two years.

Standard & Poor’s 500 Index futures expiring in December retreated 0.9 percent to 1,145.4 at 8:33 a.m. New York time.

Purchases rose 0.2 percent after a 0.7 percent increase the prior month, Commerce Department figures showed today in Washington. A 0.2 percent advance in prices wiped out the gain in so-called nominal, or unadjusted, spending. Incomes decreased 0.1 percent, the first decline since October 2009.

The S&P 500 yesterday rose 0.8 percent as lower-than- estimated claims for unemployment benefits helped offset losses in consumer and technology shares. The index is heading toward its fifth monthly loss, the longest falling streak since March 2008. The U.S. equity gauge has tumbled 12 percent this quarter and is down 7.7 percent for the year.

Global stocks fell earlier today after reports from China and Germany added to concern the global economy is slowing.

To contact the editor responsible for this story: Jeff Sutherland at jsutherlan13@bloomberg.net


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