US consumer spending exits third quarter on strong note; monthly core inflation rises

Growth, however, is unlikely to match last quarter's blockbuster performance. Consumer tapped their savings and put away less money with the saving rate dropping to 3.4% from 4.0% in August. Personal income rose 0.3% after gaining 0.4% in August. Income at the disposal of households after accounting for inflation and taxes dropped for a third straight month. "That is not sustainable," said James Knightley, chief international economist at ING in New York. "Savings are finite and are being exhausted at a rapid rate, with various estimates suggesting that excess savings accrued during the pandemic could be exhausted in the first half of next year."