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Statement From Commerce Under Secretary Rebecca Blank on Personal Income and Outlays in October 2009

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FOR IMMEDIATE RELEASE

Wednesday, November 25, 2009

CONTACT OFFICE OF PUBLIC AFFAIRS

202-482-4883

Statement From Commerce Under Secretary Rebecca Blank on Personal Income and Outlays in October 2009

The U.S. Commerce Department’s Bureau of Economic Analysis today released personal income and outlays for October 2009. Personal income rose 0.2 percent, real disposable personal income increased 0.2 percent and real personal consumption expenditures advanced 0.4 percent.

“Consumer spending began the fourth quarter with a favorable gain. Motor vehicles sales rebounded from their September fall after the ‘Cash for Clunkers’ program ended, and other purchases increased as well. The strength of the holiday sales is not clear yet, but strong growth in government benefits and a large drop in personal taxes so far this year have enabled households to increase spending and also improve their financial position by paying down debt,” said Commerce Under Secretary Rebecca Blank.