Personal spending in the U.S. unexpectedly decreased in the month of September, according to a report released by the Commerce Department on Friday, with the drop in spending accompanied by weaker than expected personal income growth.
The report said personal spending dipped by 0.2 percent in September after climbing by 0.5 percent in August. The modest decrease came as a surprise to economists, who had expected spending to inch up by 0.1 percent.
Additionally, the Commerce Department said personal income edged up by 0.2 percent in September following a 0.3 percent increase in the previous month. Economists had expected income to rise by another 0.3 percent.
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