Consumer Spending Outpaces Personal Income

ByJohn S. McClenahen In September, Americans spent at a faster rate than their incomes were rising. Personal income totaled $9.673 trillion on a seasonally adjusted annual basis, 0.2% higher than August's revised $9.658 trillion, the U.S. Commerce Department reported on Nov. 1. September personal consumption expenditures were $8.3 trillion on a seasonally adjusted annual basis, 0.6% higher than August's $8.251 trillion. Both were generally in line with analysts' expectations. Meanwhile, construction put in place across the U.S. during September was at a seasonally adjusted annual rate of $1.014 trillion, basically unchanged from August, the Commerce Dept. also reported on Nov. 1. Analysts had expected a 0.4% month-to-month gain.