US personal spending up 0.6% in September
Personal spending in the United States grew by 0.6% or $93.4 billion in the United States in September on a monthly basis, the Bureau of Economic Analysis (BEA) announced on Friday. Personal income decreased 1% or $216.2 billion compared to the previous month, while disposable personal income (DPI) was down 1.3% or $236.9 billion.
“The decrease in personal income in September primarily reflected a decrease in government social benefits, both in unemployment benefits and other benefits,” the report stated. When it comes to spending, the largest contributors to the increase were spending for health care, food services and accommodations in the service sector. Within goods, an increase in spending for nondurable goods was partly offset by a decrease in durable goods, the BEA explained.
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