U.S. consumer spending slowed in September, according to a report released on Monday.
The Commerce Department said consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.4% last month, after a 0.5% increase in the previous month.
August’s reading was revised up from the initial 0.3% advance. Economists had forecast consumer spending rising 0.4%.
The Federal Reserve's preferred inflation measure, the personal consumption expenditures (PCE) price index, excluding food and energy, rose 0.2% in September after a flat reading the previous month.
The so-called core PCE increased 2.0% in the 12 months through September, remaining unchanged from a month earlier. Analysts had forecast a 0.1% and 2.0% rise, respectively.
Personal income rose 0.2% last month after advancing 0.4% the previous month. August’s reading was revised up from initial 0.3% gain. Economists had expected a 0.4% advance.
