Gains in September personal spending

cash out

cash outBy Na Zhao | NAHB

Personal consumption expenditures rose 1% in September, according to the most recent data release from the Bureau of Economic Analysis. The strong gains were mainly due to higher spending on new motor vehicles and household utilities in September. Adjusted for inflation, personal spending was up by 0.6%, after a 0.1% decline in August. Personal income climbed 0.4% in September, largely driven by strong gains in wages and salaries.Disposable personal income, income remaining after deducting personal income taxes, was virtually unchanged after accounting for inflation in September. Nevertheless, disposable personal income is 1.3% higher than a year ago.

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