Personal income flat in September
Government says incomes little changed last month. Spending by individuals was down 0.5%. Both figures were in line with forecasts.
NEW YORK (CNNMoney.com) -- Personal income was essentially unchanged in September, while spending by individuals fell, government figures showed Friday.
The Commerce Department said personal income fell by less than 0.1% in September, after a downwardly revised 0.1% increase in August. The slight decline was in line with economists' forecasts, according to a consensus estimate gathered by Briefing.com.
Spending by individuals was down 0.5% last month, which was also expected. August was revised to show that personal spending was up 1.4%.
Personal saving totaled $355 billion in September, or 3.3% of disposable personal income. That was up from $307 billion, or 2.8% of disposable personal income, in August.
The report came one day after the government said U.S. gross domestic product, the broadest measure of economic activity, grew in the third quarter following a prolonged contraction.
Thursday's GDP data showed consumer spending rose at a 3.4% rate in the quarter, the biggest increase in nearly three years. Spending by consumers accounts for more than two-thirds of the nation's economic activity.