Consumer spending grew 1% in September

Consumer spending grew $ 136 billion in September, equivalent to 1%, while personal income increased 0.4%, the Commerce Department reported today.

In August, consumer spending had increased by a modest 0.1%, while personal income had grown by 0.2%.

These data suppose an injection of optimism with respect to the march of the economy, since the expenses of the homes are considered the true motor of the American economy because it supposes two thirds of the activity.

The personal income available also increased in September by 53,000 million dollars, or 0.4%, after 0.1% increase in the previous month, according to official figures.

“The increase in personal income in September primarily reflects an increase in wages and salaries and non-farm income,” the Commerce Department added in its report.

For its part, personal savings reached 441.9 billion dollars in September and the personal savings rate, measured in relation to disposable income, stood at 3.1%, slightly lower than the 3.6% of the previous month.

The US economy maintained its robust growth in the third quarter, despite the devastating passage of hurricanes Harvey and Irma, and recorded an annual growth of 3%, driven by consumer spending and business investment.

In the second quarter, the economy also grew at an annual rate of 3.1%, the highest in two years, which confirms the good economic performance of the country.


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