U.s. Economy, Hurricane Sandy | featured news

Americans spent more online in November to start the holiday season and began to replace cars and rebuild in the Northeast after Superstorm Sandy.

The bottom is falling out of economic forecasters' expectations for U.S. economic growth in the final months of 2012. And if some of the more bearish estimates prove accurate, it will be the weakest rate of growth since the start of 2011.

Americans cut back on spending last month and saw no growth in their income, partly reflecting disruptions from Superstorm Sandy that could drag on economic growth in the final months of the year.

The number of people seeking unemployment benefits fell sharply to a seasonally adjusted 410,000 last week, though the figure was elevated for the second straight week by Superstorm Sandy.

Industrial output unexpectedly fell in October as superstorm Sandy disrupted production, but the underlying tone remained consistent with slowing manufacturing activity.

Superstorm Sandy drove the number of people seeking unemployment benefits up to a seasonally adjusted 439,000 last week, the highest level in 18 months.

Retail sales fell in October for the first time in three months as superstorm Sandy slammed the brakes on automobile purchases, suggesting a loss of momentum in the fourth quarter.

The number of people seeking unemployment benefits fell last week by 8,000 to a seasonally adjusted 355,000, a possible sign of a healing job market. But officials cautioned that the figures were distorted by Superstorm Sandy.