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November 1, 2023

Spending accelerated in September while income and savings declined.

Real personal consumption expenditure accelerated 0.38% m/m in September. At the same time, real disposable personal income decelerated -0.08% m/m, its fourth month in a row registering a decline, and the personal saving rate fell 60 basis points to 3.40%. Looking back on the third quarter, the spending, income, and saving data would suggest consumers...
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