Consumer spending dipped in September, worker pay shot up in Q3

FXStreet (Mumbai) – The Commerce Department released today showed the consumer spending in September rose by the smallest amount since the start of the year as consumers spent less on gasoline.

Spending rose a seasonally adjusted 0.1% last month, missing the estimated rise of 0.2%. Meanwhile, personal income also rose 0.1% last month, the smallest increase since March.

Inflation as gauged by the PCE price index declined 0.1% – the first drop since January –due to drop lower gas prices. The core PCE index that excludes food and energy ticked up 0.1%, and is up a 1.3% over the past year.

Meanwhile, another set of data released by the Labor Department showed Wages and salaries rose in the third quarter at a faster pace in Q3. Worker pay rose 0.6% in Q3 compared to a 0.2% increase seen in Q2.

The Commerce Department released today showed the consumer spending in September rose by the smallest amount since the start of the year as consumers spent less on gasoline.

(Market News Provided by FXstreet)