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Personal income, consumption increase in September

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Personal income, consumption increase in September

Modest gains in income, consumer spending suggest sluggish demand.

Personal income increased $67.4 billion, or 0.5%, and disposable personal income (DPI) increased $64.8 billion, or 0.5%, in September, according to the Bureau of Economic Analysis. Consumer spending increased $24.7 billion, or 0.2%. Both the personal income and DPI increases were identical to August results, while the consumer spending rise was slightly less than the 0.3% registered in August.

The results announced were roughly in line with analysts expectations.

The income and spending figures for September, when combined with the uptick in the personal savings rate in September to 4.9% from 4.7% in August, indicate that American consumers are still wary of near-term economic conditions and are accordingly continuing to spend modestly.

Prices remained relatively flat, with the price index increasing just 0.1% in September, the same increase as in August. Excluding the volatile food and energy sectors, the index increased 0.1% in September, also the same increase as in August.

The full report can be found here.

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