Consumer spending and personal income rose slightly in September in a sign the U.S. consumer remains in a good place despite slowing economic growth and persistent trade tensions.
The U.S. Commerce Department said personal-consumption expenditures, or household spending, increased a seasonally adjusted 0.2% in September from August. The personal saving rate-the difference between after-tax income and spending-was 8.3% in September, up from 8.1% in August.
Data for August was revised up to show consumer spending climbing 0.2% instead of the previously reported 0.1% rise. Economists had forecast consumer spending would advance 0.2% last month.
The data was included in the gross domestic product report for the third quarter, which was published on Wednesday.
Washington reported that growth in consumer spending slowed to a still-healthy 2.9% annualized rate last quarter after surging at a 4.6% pace in the second quarter, the fastest since the fourth quarter of 2017. That softened some of the blow on the economy from a deepening slump in business investment.
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