US real consumer spending probably entered Q4 with the wind at its back

Capped by a projected slowdown in private-sector wage and salary disbursements, personal income likely edged just 0.2% higher in September - the weakest result since March. Available 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. 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. 

"Our 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", notes Societe Generale.