Personal consumption expenditures rose a scorching 0.7% in September, the Commerce Department said.
Share on email , or 0.4% when adjusted for inflation. That is a key factor in the strong 4.9% annualized Q3 GDP growth number reported Thursday.
That brought the personal saving rate down to 3.4%, down from 4%. It was lower than that for several months last year, but before that, it hadn't been that low since 2008., but Americans can't keep cutting back their savings forever. That creates a big risk for the economy in 2024 that consumers will be forced to cut back.
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