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Consumer spending climbed month-to-month in September by more than it has in three months.
Spending, which accounts for 70% of the economy, advanced by 0.5% in September. This follows last month’s 0.1% decline, according to the Commerce Department, indicating a solid rebound going into the final quarter of the year, Bloomberg reports.
Disposable income—or the inflation-adjusted money consumers spend after taxes—was practically unchanged in September, signaling little change for the second month. As a result, wage growth will need to ramp up if it’s to help boost consumer spending, further driving economic growth. [Bloomberg]
