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U.S. Personal Income, Spending Increase by More Than Forecast

Published 10/30/2020, 08:35 AM
Updated 10/30/2020, 08:54 AM
© Bloomberg. An employee wearing a protective mask and gloves hands a purchase to a customer in a vehicle at a curbside pickup location outside a Gucci Ltd. store on Rodeo Drive in Beverly Hills, California, U.S., on Tuesday, May 19, 2020. The luxury-goods market will shrink between 15% and 35% this year as the coronavirus and efforts to control it hammer sales of high-end goods, consultancy Bain forecast in a report. Photographer: Patrick T. Fallon/Bloomberg

(Bloomberg) -- Americans’ incomes increased in September by more than expected, boosted by employment gains and helping to propel consumer spending at the end of the third quarter.

Personal incomes rose 0.9% from the prior month following a 2.5% decline in August, a Commerce Department report showed Friday. That compared with estimates for a 0.4% gain. Household outlays advanced 1.4%, also exceeding forecasts.

©2020 Bloomberg L.P.

© Bloomberg. An employee wearing a protective mask and gloves hands a purchase to a customer in a vehicle at a curbside pickup location outside a Gucci Ltd. store on Rodeo Drive in Beverly Hills, California, U.S., on Tuesday, May 19, 2020. The luxury-goods market will shrink between 15% and 35% this year as the coronavirus and efforts to control it hammer sales of high-end goods, consultancy Bain forecast in a report. Photographer: Patrick T. Fallon/Bloomberg

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