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Factory, Spending Data Show People, Business Shell-Shocked By War Oct. Purchasing Index Dives Reversal is a big setback, as many hoped downturn for factories was ending.(A)
Byline: CLAIRE MENCKE
How shell-shocked were consumers and manufacturers by the Sept. 11 attack? As much as they've been for more than a decade, two economic reports out Thursday indicate.
Consumer spending dropped a huge 1.8% in September, the Commerce Department said. The drop was twice as large as forecast and the biggest move down since a similar plunge in January 1987.
Also, the National Association of Purchasing Management's October business index made its steepest dive since the start of 1984. After holding fairly steady for the past four months, it fell 7.2 points to 39.8, vs. forecasts of 44.5. It's now the lowest since early 1991.
Consumer spending on all sorts of goods and services fell. But big-ticket durables were hit hardest. They plunged 3.2% in September.
"The events of Sept. 11 had a direct effect on spending," said economist Michael Niemira of Bank of Tokyo-Mitsubishi. "But where it goes now remains to be seen."
One key durable -- autos -- got a big October boost from 0% financing. But Niemira said, "It's not clear that will be sustainable."
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