US futures flat; consumer spending dips

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Associated Press

Posted on November 30, 2012 at 11:01 AM

Updated Friday, Nov 30 at 11:02 AM

NEW YORK (AP) — U.S. stock futures are relatively flat after a government report showing that consumers cut back on spending last month with no growth in personal income.

Dow Jones industrial futures are up 7 points to 13,028. The broader S&P futures have added 0.30 points to 1,416. Nasdaq futures are up 2 points to 2,682.

Like previous economic reports, the Commerce Department's consumer spending report Friday was skewed by the storm that struck the Northeast coast. Work interruptions from the storm reduced wages and salaries by about $18 billion at an annual rate. The storm affected 24 states.

Consumer spending dropped 0.2 percent in October. That's down from an increase of 0.8 percent in September and the weakest showing since May.

The European Union posted another record unemployment rate for October on Friday.

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