迟来的美国通胀数据低于预期，但消费增速几近停滞

Core Insights - The U.S. personal income and spending data for September, released by the Bureau of Economic Analysis, indicates a slowdown in consumer spending prior to the government shutdown in October, which may influence the Federal Reserve's interest rate decisions [1][5]. Economic Indicators - The Personal Consumption Expenditures (PCE) price index rose by 2.8% year-over-year and 0.3% month-over-month, aligning with expectations. The core PCE, excluding food and energy, also increased by 2.8%, slightly below market expectations and down from 2.9% in August [5]. - The report highlights a stagnation in "real" personal spending growth in September, suggesting that consumers were already facing financial constraints before the government shutdown [5][6]. Consumer Behavior - A significant decline in spending on goods was noted, marking the largest drop since May. Expenditures on automobiles, clothing, and footwear decreased, reflecting a cooling consumer market [6]. - The report also indicates that real disposable income for consumers has shown minimal growth for the second consecutive month, with wages rising by 0.4% while asset income has seen a rebound [6].