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Americans save less, spend more in September

Americans save less, spend more in September (by Jeffry Bartash)

WASHINGTON (MarketWatch) - The wages of U.S. workers rose slightly in September, but Americans spent money at a more rapid pace and dipped into their savings to pay for their purchases, according to the latest government data. The Commerce Department on Friday said personal income rose 0.1% last month, while personal spending climbed 0.6%. As a result, the personal savings rate fell to 3.6% in September from 4.1% the month before. That was the lowest level in almost four years. Adjusted for inflation, disposable income fell 0.1% last month. Inflation as measured by the personal consumption expenditure price index rose 0.2% in September, down from a 0.3% increase in August. The core PCE index, which excludes food and energy, fell less than 1%. Economists surveyed by MarketWatch had forecast a 0.3% increase in personal income and a 0.6% rise in consumer spending. The core PCE index was expected to edge up 0.1%.