The BEA's Personal Income and Outlays, September 2021 shows real disposable personal income declined 1.6%.
Real spending rose 0.3%.
The year-over-year price index for Personal Consumption Expenditures (PCE), the Fed's preferred measure of inflation was 4.4%.
Excluding food and energy, the PCE price index rose 3.6%.
Economists Badly Miss the Mark on Income
The Bloomberg Econoday consensus was for nominal personal income to decline only 0.1% vs the reported -1.0%.
The Econoday consensus for nominal spending was nearly on the mark, at 0.5% vs a reported 0.6%.
This was a very weak report. I will post chart details of what happened shortly.
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