US personal income and spending miss forecasts in September

US personal income and spending were slightly weaker than expected in September.

Incomes grew by 0.3% month-on-month while spending was ahead by 0.5%, according to the Department of Commerce.

Economists had forecast increases of 0.4% and 0.5%, respectively.

The Commerce Department revised its estimates for spending for the previous two months lower by one tenth of a percentage point each, to 0.3% and -0.2%, respectively.

The headline price deflator for personal consumption expenditures rose by 0.2% over the month and by 0.1% at the 'core' level.

In comparison to a year ago, the two price indices were up by 1.2% and 1.7%, versus readings of 1.0% and 1.7% in the month before, respectively.