by Calculated Risk on 10/31/2008 08:37:00 AM

As expected - based on the advance GDP report - the BEA reports that real Personal Consumption Expenditures (PCE) declined sharply in September.

The year-over-year change in real PCE is now negative for the first time since 1991.

The change from June (third month of Q2) to September declined at a 3.9% annual rate, the fastest 3 month decline since 1991. Note: I look at the change in the same month in each quarter (June to September here) to compare to the quarterly GDP report.

Here is the story from the WSJ: Consumer Spending Declines