UK's real consumer spending probably entered Q4 with wind at its back

Available UK data suggest that nominal consumer outlays climbed by a like amount during the reference period, leaving the personal savings rate unchanged at 4.6% of disposable income.

"Capped by a projected slowdown in UK's private-sector wage and salary disbursements, personal income likely edged just 0.2% higher in September, the weakest result since March", says Societe Generale. 

However, after adjusting for an energy-induced dip in chain prices, real personal consumption expenditures (PCE) probably continued apace, rising by 0.4% for a second straight month.

"The forecast, if accurate, would place real PCE in September 1.5% annualized above the projected Q3 average, implying that inflation-adjusted spending entered the final quarter of 2015 with a considerable amount of statistical momentum", added Societe Generale.