U.S. Income Growth Matches Estimates, Spending Jumps More Than Expected
30 Octobre 2017 - 10:08AM
RTTF2
While the Commerce Department released a report on Monday
showing U.S. personal income rose in line with economists in the
month of September, the report also showed a bigger than expected
jump in personal spending.
The report said personal income climbed by 0.4 percent in
September after edging up by 0.2 percent in August. The increase in
income matched economist estimates.
Disposable personal income, or personal income less personal
current taxes, also increased by 0.4 percent in September following
a 0.1 percent uptick in the previous month.
The Commerce Department also said personal spending surged up by
1.0 percent in September after inching up by 0.1 percent in August.
Economists had expected spending to increase by 0.8 percent.
Real spending, which is adjusted to remove price changes, rose
by a more modest 0.6 percent in September after edging down by 0.1
percent in August.
With spending rising by more than income, personal saving as a
percentage of disposable personal income tumbled to 3.1 percent in
September from 3.6 percent in August.
"The lower saving rate limits the scope of households to boost
consumption beyond gains in income," said Paul Ashworth, chief U.S.
economist at Capital Economics.
He added, "Most households should get the benefit of a reduction
in taxes early in the New Year, but we won't know what proportion
of households will be net beneficiaries of the Republican's tax
cuts until the details of the plan are released this
Wednesday."
A reading on inflation said to be preferred by the Federal
Reserve showed the annual rate of core consumer price growth in
September was unchanged from the previous month at 1.3 percent.
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