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- U.S. consumer spending up 0.2 percent in September
U.S. consumer spending up 0.2 percent in September
The Commerce
Department reported on Thursday that consumer spending in the U.S. rose 0.2
percent m-o-m in September, following a revised 0.2 percent m-o-m gain in August
(originally a 0.1 percent m-o-m advance). Economists had forecast the reading
to show a 0.2 percent m-o-m growth.
Meanwhile,
consumer income increased 0.3 percent m-o-m in September, following a revised
0.5 percent m-o-m gain in the previous month (originally a 0.4 percent m-o-m climb).
Economists had forecast a 0.3 percent m-o-m advance.
The September
increase in personal income primarily reflected gains in personal interest
income, farm proprietors' income, and government social benefits to persons.
The personal
consumption expenditures (PCE) price index, excluding the volatile categories
of food and energy, which is the Fed's preferred inflation measure, was
unchanged m-o-m in September after a 0.1 percent m-o-m increase in the prior
month. Economists had projected the index would rise 0.1 percent m-o-m.
In the 12 months
through September, the core PCE increased 1.7 percent, following an unrevised
1.8 percent growth in the 12 months through August. Economists had forecast a
gain of 1.7 percent y-o-y.
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