Consumer spending rose 0.3% in September, the seventh consecutive increase, while personal income increased 0.2%, the Commerce Department reported today.
This increase is equal to that registered in the previous month and one tenth lower than the expectations of the sector’s experts.
September data continue to support optimism about the economy’s progress, since consumer spending represents more than two thirds of the country’s gross domestic product (GDP) and is considered the true engine of the economy.
For its part, the personal savings rate, measured in relation to disposable income, fell to 6.2%, down from 6.6% in the previous month.
The country’s economy maintains its strength, driven by fiscal reform and the strength of the labor market, and in September it closed with 3.7% unemployment, the lowest in almost half a century.
GDP advanced at an annual rate of 3.5% in the third quarter of 2018, according to data from the Department of Commerce released on Thursday.