Consumer spending is beating expectations, even if Americans are feeling the pain of inflation and rising interest rates
Fans watch play during the fifth inning in Game 2 of baseball's American League Championship Series between the Houston Astros and the New York Yankees, Thursday, Oct. 20, 2022, in Houston., rising 0.6 percent compared to August even as household income grew just 0.4 percent over the month.
The savings rate fell from 3.4 percent to 3.1 percent, according to the Commerce Department—well below its pre-pandemic rate, of around 10 percent, or its during-pandemic spike to over 20 percent. The new data suggests that American consumers are in “a period of transition,” said Gus Faucher, chief economist for PNC bank, as the national economy shakes off the pandemic, but concerns about a potential recession at top of mind. The economy grew at an annualized rate of 2.6 percent in the third quarter, the Commerce DepartmentSpending on services rose 0.
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