Consumer spending cutbacks caused by the October...

Consumer spending cutbacks caused by the October stock market crash will hurt the national and California economies but will not lead to a recession next year, according to the 1988 economic forecast issued by Pacific Gas and Electric Co. According to the forecast, the key risks are the effect of the crash on consumer confidence, the extent of deficit-cutting measures taken by government, the course of monetary policy over the next several months and the fate of the dollar.