Consumers Still Struggling With Debt, Foreclosure
A new report finds that consumer income has fallen as more Americans may be struggling with foreclosures, bankruptcies and overall economic stagnation.
The monthly report, by the Bureau of Economic Accounts found average consumer income decreased in September after four months of modest gains.
The BEA found the average American's income decreased by 0.2 percent in September, after a 0.4 rise in August, which was revised over earlier estimates. Overall personal earnings fell $16.8 billion dollars for the month.
Personal income decreased in September, providing another economic indicator that more Americans are suffering economically. The BEA said that the drop was due to the expiration of unemployment compensation legislation, which was providing economic assistance to many Americans.
Consumers found their consumption expenditures rise 0.2 percent for the month or $17.3 billion. Comparatively, private wages increased only $3.3 billion during this time.
The report also said Americans are saving less than in previous months, contradicting earlier reports that found consumers have been saving more in the current economy.
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