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FRIDAY October 30, 2009 CONSUMER SPENDING SUBSIDES AFTER RISE IN AUGUST Average, last 12 months Personal income was unchanged in September, after increasing 0.1 percent in August. Wages and salaries, the largest component of personal income, decreased 0.2 percent in September after increasing 0.2 percent in August. Real disposable personal income, income adjusted for inflation and taxes, fell 0.1 percent in September, reflecting higher PCE prices, as was the case in August. Real consumer spending, spending adjusted for price changes, fell 0.6 percent in September, after increasing 1.0 percent in August. In August, the spike in spending reflected the federal CARS program (“cash for clunkers”). PCE prices increased 0.1 percent in September. Energy prices rose, but were offset by lower food prices. So excluding food and energy, prices also rose 0.1 percent. Personal Income –0.2 % 0.1 % 0.0 % Real DPI 0.1 % –0.2 % –0.1 % Real PCE 0.0 % 1.0 % –0.6 % 0.0 % 0.3 % 0.1 % August September 2.8 % 3.3 % PCE Prices 12-month average Personal saving as a percent of disposable income was 3.3 percent in September. August September Personal Saving Rate 4.0 % Real Disposable Personal Income and Real Consumer Spending 2.0 Percent change (monthly) 1.5 1.0 Real Disposable Personal Income 0.5 0.0 -0.5 -1.0 Real Consumer Spending -1.5 -2.0 June July Aug Sept BEA data—including GDP, personal income, the balance of payments, foreign direct investment, the input-output accounts, and economic data for states, local areas, and industries—are available on the BEA Web site: www.bea.gov. E-mail alerts are also available. NOTE: On November 25, 2009, the October estimates of Personal Income and Outlays will be released. Contact: Ralph Stewart 202–606–2649 Bureau of Economic Analysis, U.S. Department of Commerce
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