Both personal income and spending increased in September, the most recent month for which data are available, a turnaround from August, when both decreased. Personal income increased 1.7% in September to a seasonally adjusted annual rate of $10.38 trillion, the U.S. Commerce Department reported on October 31. Personal spending on goods and services increased half a percentage pint to a seasonally adjusted annual rate of $8.85 trillion.
The Federal Reserve's favored measure of inflation -- the personal consumption expenditure index minus prices changes for fuel and food -- was 2% on a September-to-September basis, exactly the consensus figure among economists.
