St Louis Finance Lending: Income Down Savings Down

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St Louis Finance and Lending News: Personal Incomes and Savings Rate Down
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According to the Commerce Department, personal income fell 0.1 percent. The drop in personal income was a sharp reversal from a revised 0.4 percent increase registered in August.

Further reports by the Commerce Department showed that spending by individuals increased by 0.2 percent.

Economists expected that spending by individuals would rise 0.4 percent in September, according to a consensus estimate from Briefing.com.

Consumer spending is watched closely because it accounts for 70 percent of total economic activity.

The government reported Friday that the economy grew at an annual rate of 2 percent in the July-September quarter. That's only slightly better than 1.7 percent growth in the April-June quarter.

Many economists believe that growth in the current quarter will be little changed from the third quarter. Consumer spending had helped boost third-quarter growth.

It was the best showing since a 4.1 percent rise in consumer spending at the end of 2006, before a severe recession hit.

However, Monday's report suggested the strength occurred in July and August and that spending slowed considerably in September.

The savings rate fell to 5.3 percent in September, the lowest rate since August 2009. But it is still well above the 2.1 percent average savings rate for all of 2007.

An inflation gauge tied to consumer spending rose a slight 0.1 percent in September and was flat after excluding volatile food and energy.

In response to the weak economy, the Federal Reserve this week is expected to announce a program to buy Treasury bonds.

The effort is designed to drive interest rates lower and spur economic activity.

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