Friday, April 4, 2014
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Personal Income Grew 0 4 in September
Personal income grew by $48.1 billion in September, 0.4%, its fastest pace since March. Despite the strong income growth consumption personal consumption growth outpaced income, leading the savings rate to fall to its lowest level in ten months.
Personal income growth accelerated in September, led by dividend, rental and proprietor income. Wage income improved in September, rising 0.3%, however remains modest consistent with the weak labor market.
Real spending accelerated to 0.4% in september, however nominal spending jumped 0.8% over the month, the fastest growth since February. Spending growth was led by goods, both durable and non-durable.
Nominal spending outpacing income led the savings rate to drop to 3.3%, its lowest level on ten months. The savings rate has now fallen 1% since June.
Read the BEA release.
Personal Income Grew 0 4 in September
Personal income growth accelerated in September, led by dividend, rental and proprietor income. Wage income improved in September, rising 0.3%, however remains modest consistent with the weak labor market.
Real spending accelerated to 0.4% in september, however nominal spending jumped 0.8% over the month, the fastest growth since February. Spending growth was led by goods, both durable and non-durable.
Nominal spending outpacing income led the savings rate to drop to 3.3%, its lowest level on ten months. The savings rate has now fallen 1% since June.
Read the BEA release.