Does August Clothing, Footwear Spend Hint at Economy on the Brink?

Consumer spending on clothing and footwear in August fell to its lowest level in six months as the U.S. economy slows, according to estimates released Friday by the Bureau of Economic Analysis (BEA). Last month, personal consumption expenditures (PCE) for clothing and footwear declined 0.7 percent to $409.21 million from $411.94 million in July. This…