Gains in September Personal Income and Spending
The markets may be closed for trading due to Hurricane Sandy, but the futures were scheduled to stay open until 9:15 a.m. EST on Monday. The Commerce Department today released personal income and spending numbers for the month of September.…
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The Commerce Department today released personal income and spending numbers for the month of September. Income rose by 0.4% for the month and the gain in spending was 0.8%. Bloomberg and Dow Jones both had estimates of 0.4% for the gain in income and was looking for 0.6% on spending.
Today’s report stated that the personal income increased by $48.1 billion and disposable personal income rose by some $43.0 billion. Personal consumption expenditures increased by $87.9 billion. In August, these readings were up only $17.8 billion for income, or 0.1%.
On wages and salaries the Commerce Department noted:
Private wage and salary disbursements increased $19.5 billion in September, compared with an increase of $4.1 billion in August. Goods-producing industries’ payrolls increased $2.9 billion, in contrast to a decrease of $7.2 billion; manufacturing payrolls increased $0.5 billion, in contrast to a decrease of $6.3 billion. Services-producing industries’ payrolls increased $16.6 billion, compared with an increase of $11.3 billion. Government wage and salary disbursements increased $1.4 billion, compared with an increase of $2.8 billion.
It said on spending:
Personal outlays — PCE, personal interest payments, and personal current transfer payments — increased $93.1 billion in September, compared with an increase of $65.0 billion in August. PCE increased $87.9 billion, compared with an increase of $59.9 billion.
JON C. OGG
Contact [email protected] for any questions or corrections.
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
