Menzie Chinn's Oct. 29 Econbrowser analysis described U.S. consumption as flat and income excluding transfers as lower, while separate Bureau of Economic Analysis (BEA) figures showed September real spending barely increased.
The BEA reported that inflation-adjusted consumer spending rose less than 0.1% from August in September, while the personal consumption expenditures price index was up 3.6% year over year, according to EconoTimes' earlier report on the September data.
Chinn's analysis placed the nominal monthly consumption and income readings 0.1% below consensus. His first chart set employment and industrial production measures alongside income excluding transfers, manufacturing and trade sales, and monthly gross domestic product.
The chart indexed its series to January 2025. Chinn showed the income, sales and GDP measures in chained 2017 dollars.
