Consumer Spending Grows 1.7% in Sept. 2013
According to the Bureau of Economic Analysis, real consumer spending in September 2013 was $10,749 billion real dollars (seasonally adjusted at an annual rate). As is the case almost every month, real consumer spending hit a new all-time high in September. Spending in September 2013 was 1.7% more than it was in September 2012. This is the slowest rate of month-over-month growth since August 2010. Also, it is the fourth time since February 2013 that the month-over-month rate of growth has been 1.7%. The annual rate of change, now 1.9%, was below 2.0% for the second month in a row. With annual growth in incomes slowly picking up, consumer spending may see its slowly decelerating growth end in the first half of 2014.
Real consumer spending (or its sub-components such as medical care spending) is an important leading for a number of durable goods end markets: construction materials; custom processors; food and beverage processing; forming and fabricating (non-auto); hardware; HVAC; industrial motors, hydraulics and mechanical components; machinery and equipment manufacturing; medical; metalcutting job shops; oil, gas field and mining machinery; power generation; primary metals; and printing.
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