Keeping you up to date on the latest data releases.
- Personal Income
Nominal personal income slipped down grew 0.1 percent (non-annualized) in September, reversing a 0.1 percent drop in August, and is 4.4 percent over the past year. Disposable personal income—personal income less current taxes—increased 0.1 percent in September after a downwardly revised 0.1 percent drop in August. After adjusting for price changes, “real” disposable income posted its third consecutive monthly decline, falling 0.1 percent. The series’ 12-month growth rate has softened in the third quarter and is trending at just 0.2 percent in September. After recent declines in nominal government transfers for social programs fell in each of the previous two months, the series avoided losses in September (largely due to an increase in unemployment insurance transfers and slower declines in Medicaid). Real personal consumption expenditures were up 0.5 percent in September after a flat reading in August. The 12-month growth rate for the series climbed to 2.2 percent. Durables spending recovered from a revised August decline of 1.0 percent by adding 2.6 percent in September, while nondurables purchases posted a 0.5 percent gain, its strongest in nearly one year. Services consumption rose 0.1 percent in August, and is up 1.8 percent over the past year. The personal savings rate (as a percent of disposable income) fell 0.5 percentage points in September to 3.6 percent, even after the rate in August was revised down an extra 0.4 percentage points. September savings rate is the lowest since December 2007.