Consumer spending hits eight-year high in September – but gain inflated by hurricanes

• October 30, 2017
• realestatelife
• Announcements, Business & Markets, Real Estate, Real Estate Finance

Consumer spending leaped 1% in September, the biggest gain since early mid-2009, just as the current economic recovery got underway.

Economists polled had forecast a 0.1% increase due to hurricane-related spending.

Personal income rose 0.4%. The savings rate fell to 3.1%, the lowest level since December 2007.
The PCE index, the Federal Reserve’s preferred inflation gauge, increased 0.4% in September. But the closely followed “core” rate that strips out food and energy only rose 0.1%.