U.S. Consumer Spending Slows in September

• Consumer spending rose 0.3% in September, down from 0.5% in August.

• The slowdown shows weaker economic momentum heading into the fourth quarter.

• Demand softened due to a weak labor market and higher living costs.

• Recent strength came mainly from wealthier households benefiting from stock market gains.

• Middle- and lower-income households are under pressure from slow job growth and rising prices.

• The PCE price index rose 0.3%, and core PCE rose 0.2%; annual core inflation is 2.8%.