Consumer Spending Slows in August as Personal Income Unexpectedly Drops
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American consumer spending slowed in August, coinciding with an unexpected drop in incomes for the month.
Commerce Department data Friday morning has purchases increasing 0.2 percent for August, slowing from a 0.7 percent increase in July.
Economists forecast a 0.2 percent increase, making the number come right in-line with estimates.
Factors influencing the number include volatile markets, lack of hiring, and stagnant wages.
Personal income fell 0.1 percent in August, opposite the 0.1 percent gain expected by the Street.
The savings rate fell from 4.7 percent to 4.5 percent, its lowest point since December 2009, according to Bloomberg data.
Commerce Department data Friday morning has purchases increasing 0.2 percent for August, slowing from a 0.7 percent increase in July.
Economists forecast a 0.2 percent increase, making the number come right in-line with estimates.
Factors influencing the number include volatile markets, lack of hiring, and stagnant wages.
Personal income fell 0.1 percent in August, opposite the 0.1 percent gain expected by the Street.
The savings rate fell from 4.7 percent to 4.5 percent, its lowest point since December 2009, according to Bloomberg data.
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