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Consumer spending dipped in September, worker pay shot up in Q3

FXStreet (Mumbai) - The Commerce Department released today showed the consumer spending in September rose by the smallest amount since the start of the year as consumers spent less on gasoline.

Spending rose a seasonally adjusted 0.1% last month, missing the estimated rise of 0.2%. Meanwhile, personal income also rose 0.1% last month, the smallest increase since March.

Inflation as gauged by the PCE price index declined 0.1% - the first drop since January –due to drop lower gas prices. The core PCE index that excludes food and energy ticked up 0.1%, and is up a 1.3% over the past year.

Meanwhile, another set of data released by the Labor Department showed Wages and salaries rose in the third quarter at a faster pace in Q3. Worker pay rose 0.6% in Q3 compared to a 0.2% increase seen in Q2.

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