The Bureau of Economic Analysis (BEA) reported personal income gained $50.2 billion (0.3%) in September and revised higher to a 0.5% gain for August. Gains were largely driven by the wages and salaries, and higher benefits.
Forecasts ranged from a low of 0.1% to a high of 0.4%. The consensus forecast was right on the money at 0.3%.
Disposable personal income (DPI) rose $55.7 billion (0.3%), while Real DPI gained 0.3 in September and Real PCE increased 0.2 percent
Consumer spending, or personal consumption expenditures (PCE), rose $24.3 billion (0.2%), matching the consensus forecast. Forecasts ranged from a low of 0.0% to a high of 0.3%. Real PCE also was up 0.2%.
The PCE price index fell less than 0.1%. Excluding food and energy, the PCE price index increased less than 0.1%.
Personal outlays rose $23.0 billion and personal saving was $1.38 trillion in September. The personal saving rate — defined as personal saving as a percentage of disposable personal income — was 8.3%.