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Financial News: U.S. Personal Income Rebounds In September, Spending Jumps

U.S. Personal Income Rebounds In September, Spending Jumps More Than Expected

10/30/2020 - 09:31:00 (RTTNews)

(RTTNews) - After reporting a sharp decrease in U.S. personal income in the previous month, the Commerce Department released a report on Friday showing personal income rebounded by more than anticipated in the month of September.

The report said personal income climbed by 0.9 percent in September after tumbling by a revised 2.5 percent in August.

Economists had expected personal income to rise by 0.4 percent compared to the 2.7 percent nosedive originally reported for the previous month.

Disposable personal income, or personal income less personal current taxes, also increased by 0.9 percent in September after plunging by 2.9 percent in August.

The Commerce Department said the rebound in personal income reflected increases in proprietors' income, compensation of employees, and rental income of persons, which more than offset by a decrease in government social benefits

The report also showed a bigger than expected increase in personal spending, which surged up by 1.4 percent in September. Spending was expected to match the 1.0 percent jump seen in August.

Excluding price changes, personal spending jumped by 1.2 percent in September following a 0.7 percent increase in the previous month.

With spending rising by more than income, personal saving as a percentage of disposable personal income slid to 14.3 percent in September from an upwardly revised 14.8 percent in August.

Despite the decrease, Paul Ashworth, Chief U.S. Economist at Capital Economics, said the savings rate "remains elevated and leaves scope for further gains in consumption in the months ahead."

A reading on inflation said to be preferred by the Federal Reserve showed the annual rate of core consumer price growth ticked up to 1.5 percent in September from 1.4 percent in August.

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