Personal comsumption growth rates for July, Aug, and Sept:
July: 0.8%
Aug: 0.8%
Sept: -0.6%
Consumption on durable goods:
July: 3.8%
Aug: 4.0%
Sept: -4.6%
Consumption on non-durables:
July: 0.8%
Aug: 0.8%
Sept: -0.4%
Disposable personal income (personal income less
personal tax and nontax payments ):
July: 1.4%
Aug: 0.7%
Sept: -1.2%
Comment: Both income and consumption figures were higher in July and dropped thru September, which makes the sustainability of growth rates in the following months questionable.
"The decrease in September disposable personal income (DPI) -- personal income less personal tax and nontax payments -- reflected a winding down of advance refund checks sent to taxpayers..." (BEA)
Contributions to Change in Disposable Income:
Decrease in tax payments: 52%
Increase in wage and salary: 28%
Increase in transfer payments (UI etc): 9%