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Real Personal Income Declines 1.6% in September, Down Second Month

Economists badly missed the mark on disposable personal income in September.
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Personal Income 2021-09

The BEA's Personal Income and Outlays, September 2021 shows real disposable personal income declined 1.6%. 

Real spending rose 0.3%.

The year-over-year price index for Personal Consumption Expenditures (PCE), the Fed's preferred measure of inflation was 4.4%.

Excluding food and energy, the PCE price index rose 3.6%.

Economists Badly Miss the Mark on Income

The Bloomberg Econoday consensus was for nominal personal income to decline only 0.1% vs the reported -1.0%.

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The Econoday consensus for nominal spending was nearly on the mark, at 0.5% vs a reported 0.6%.

This was a very weak report. I will post chart details of what happened shortly. 

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