Notably, the US manufacturing purchasing managers index (PMI) for September fell short of forecasts and the previous month.
The personal consumption expenditures (PCE) price index for August fell sharply from 2.5% in July to 2.2% year-over-year. The PCE price index for August also fell from 0.2% to 0.1%. Personal spending fell sharply from 0.5% in July to 0.2%. Personal income also fell from a 0.3% increase in July to 0.2% in August, below the forecast of 0.4%.
The PCE index is a measure of inflation based on changes in personal consumption and is used by the Fed as its preferred indicator of inflation. Personal spending can reflect consumer optimism.