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Post by bot on Nov 8, 2013 18:43:31 GMT -5
WASHINGTON (MarketWatch) - Spending by U.S. consumers tapered off slightly in September, the government reported Friday. Consumer spending rose 0.2% in September, down from an unrevised 0.3% gain in August, the Commerce Department said. Personal incomes rose a seasonally adjusted 0.5%, boosted by renewed payments to federal workers who had lost money due to furloughs. Economists surveyed by MarketWatch had forecast a 0.3% advance in both spending and personal income. Since incomes rose faster than spending, the personal savings rate climbed to 4.9% from 4.7%, marking the highest level since last December. Meanwhile, inflation as gauged by the PCE price index increased 0.1%, with the core rate excluding food and energy rising by the same amount. Over the past 12 months the PCE index has risen 0.9% overall or by 1.2% on a core basis. Yet the rise in consumer incomes is barely outpacing inflation. The release of the spending report was delayed by more than a week because of the government shutdown in October.
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