US futures flat; consumer spending dips

US stock futures are little changed as the government reports a dip in consumer spending

Associated Press
Stocks open flat; consumer spending falls
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FILE - In this Friday, Nov. 23, 2012, file photo, a teenage boy waits for his family to finish shopping at a J.C. Penney store in Las Vegas. Black Friday. Major retailers such a on Thursday, Nov. 29, 2012, reported weak sales in November as a strong start the holiday shopping season over the Thanksgiving weekend wasn't enough to fully offset a slow start to the month caused by Superstorm Sandy (AP Photo/Julie Jacobson)

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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