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30.10.2020, 12:57

U.S. consumer spending jumps 1.4 percent in September, income advances 0.9 percent

The Commerce Department reported on Friday that consumer spending in the U.S. rose 1.4 percent m-o-m in September after an unrevised 1.0 percent m-o-m increase in August. Economists had forecast the reading to show a 1.0 percent m-o-m advance.

Meanwhile, consumer income increased 0.9 percent m-o-m in September, following a revised 2.5 percent m-o-m fall in the previous month (originally a 2.7 percent m-o-m decline). This was the largest monthly gain since April. Economists had forecast a 0.4 percent m-o-m gain.

The September surge in personal income reflected gains in proprietors’ income, compensation of employees, and rental income of persons that were partly offset by a decrease in government social benefits.

The personal consumption expenditures (PCE) price index, excluding the volatile categories of food and energy, which is the Fed's preferred inflation measure, rose 0.2 percent m-o-m in September, following an unrevised 0.3 percent m-o-m increase in the prior month. Economists had projected the index would rise 0.2 percent m-o-m.

In the 12 months through September, the core PCE increased 1.5 percent, following a revised 1.4 percent climb in the 12 months through August (originally a 1.6 percent climb). Economists had forecast an advance of 1.7 percent y-o-y.

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