From Zerohedge:
With the foundation of our economy now one of gluttony and excess (at all costs), the significance of the slowdown in consumer spending in the latest GDP data cannot be underestimated. As Bloomberg Briefs notes, real consumer spending fell 0.3% in October, and is only 1.3% above year-ago levels - the US economy has a propensity to slip into recession any time the 12-month pace of real consumer spending falls below 2.0%. Their so-called 'Fab Five' indicators of discretionary spending took a notable turn for the worse in October. Dining out fell 0.4% MoM in October and is only +1.5% YoY – its slowest pace since April 2010. Spending on cosmetics and perfumes fell 0.04% in October, continuing the negative trend from its peak registered in the summer of 2011. Spending on women's and girls' clothing slumped 1.8% in October, following a 0.1% decline in September. Casino gambling fell 1.6% in October, while spending on jewelry and watches fell 0.1% in the same month. All-in-all, the consumer's balance-sheet-recession continues...
Charts: Bloomberg Briefs
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