US: Real Consumer Spending Stalls in September.

Inflation-adjusted US personal consumption expenditures were unchanged month-on-month in September 2026, following a 0.5% increase in August. Goods spending fell 0.3%, reversing a 1.1% rise in the previous month, driven by lower spending on motor vehicles and parts (-2% vs 2.4%), recreational goods and vehicles (-0.2% vs 1.5%), and other durable goods (-0.8% vs 1.5%). Meanwhile, spending on nondurable goods was flat after rising 0.8% in August, as higher spending on food and beverages (0.1% vs 0.5%) was offset by declines in gasoline and other energy goods (-0.1% vs -0.5%) and other nondurable goods (-0.1% vs 1.5%). In contrast, services spending increased 0.2%, easing from 0.3% in August, amid slower growth in food services and accommodations (0.5% vs 1.1%) and transportation services (0.3% vs 0.4%), while recreation services fell 0.8% following a 1.1% decline. Spending on housing and utilities rose 0.1%, slowing from 0.2% in the previous month.