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September Personal Income +0.9%; PCE +1.4%

US DATA
MNI (Washington)
  • U.S. personal income climbed higher in September, rising by 0.9% following a sharp 2.5% decline in August, according to figures released Friday by the Bureau of Economic Analysis. Financial markets had expected personal income to rise by 0.4%.
  • That increase mainly reflected increases in proprietors' income, compensation of employees, and rental income that was partially offset by a decline in government social benefits, the BEA said.
  • Unemployment insurance benefits fell in September while other social benefits increased, according to the BEA. That was primarily due to the expiration of an added USD600 per week on top of regular state benefits.
  • PCE grew by 1.4% in September after a 1.0% gain in August. That was driven by a USD109.9B increase in spending on goods, namely clothing, footwear, and new motor vehicles. A smaller increase in services spending mainly reflected increases in health care spending and recreation services like membership clubs, sports centers, and theaters.
  • The PCE price index was up 0.2% in September following a 0.3% increase in August. Excluding food and energy, the core PCE price index was also up 0.2% in September, in line with market expectations.
  • From a year earlier, the PCE price index was up 1.4%, while the core PCE price index was up 1.5%.
MNI Washington Bureau | +1 202-371-2121 | brooke.migdon@marketnews.com
MNI Washington Bureau | +1 202-371-2121 | brooke.migdon@marketnews.com

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