Summary Today’s 0.6% monthly pickup in personal spending is the latest sign that there is still some spring in the step of the U.S. consumer heading into the final stretch of the year. The steady outlays in September came even as households manage the twin disruptions of the highest inflation since the early 1990s as well as a transition from stimulus checks and generous jobless benefits to more sustainable income growth from wages and salaries. Higher Prices Accounted for Half the Headline Spending Gain Despite a transition from transfer payments to wages that held back income growth in September, consumer spending still rose 0.6%, which was spot-on expectations. The fact that last month’s spending increase was revised higher by two tenths of a percent actually makes today’s report a slightly better than expected outcome. READ FULL ARTICLE>>
