Personal income and personal spending rose above expectations during September. Analysts at Wells Fargo point out that while the income picture is still muddied by changes in jobless benefits programs in September, wages and salaries are re-gaining lost ground.
“The drop in jobless benefits was partially offset by a $248 billion increase in “other,” a supplemental note explained that as Trump’s executive order which offered a $300 weekly top-up.”
“After increases across most categories in September, real goods spending is now 4.9% above its pre-pandemic level. Although services still has 7.3% to go, overall real PCE is down just 2.6% from February.”
“Goods spending, untrammeled by the virus, is soaring.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.