There were some interesting figures on consumer spending released by the Commerce Department on Friday. Americans' spending was up by a moderate 0.6 percent in August - but that number would have been stronger if not for the fact that we're spending less on gasoline. Without accounting for gas, consumer spending rose by 0.7 percent last month.
Spending at gas stations dropped by 0.8 percent in August. There are several reasons for this, but maybe the most prominent is that the price of a gallon of gas reached an average of $3.42 nationwide, down 3.8 percent from a year earlier.
Gas prices could be dropping even further, too. The price of fuel imports fell by 4.6 percent in August, their biggest monthly drop in two years, suggesting that the retail price may come down more as well.
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