Washington, DC, November 1--Personal income rose 0.2% after rising a revised 0.3% in August, the Commerce Department said Monday. August personal income was earlier reported as having risen 0.4%.
Personal consumption rose 0.6%, after dropping by a revised 0.1% in August. August personal consumption was originally reported as being unchanged from the previous month. Economists surveyed by Dow Jones Newswires and CNBC had forecast personal income would rise 0.3% and spending would rise 0.6%.
The Commerce Department said the August and September estimates of personal income were effected by hurricanes in the Southeast, but the quantifiable impacts were largely offsetting.
Disposable personal income, or income after taxes, rose 0.1% in September, following a downwardly revised 0.2% advance in August.
Spending on durable goods, or products designed to last three years and longer, rose 1.6%, after a revised 2.0% decline in August earlier reported as a 1.6% decline. Non-durable goods spending rose 0.5%, after rising 0.2% in August.
Spending on services gained 0.4% in September after a 0.2% rise the previous month.
Personal saving as a percentage of disposable personal income was 0.2% in September, compared with 0.7% in the prior month. The September personal savings rate was the lowest since October 2001.
