02:48 PM EDT, 10/31/2024 (MT Newswires) -- Personal income was up 0.3% in September, as expected, lifted by a 0.5% gain in wage and salaries.

Transfer payments growth accelerated, while rental income growth remained solid, proprietors' income and return on assets declined.

Personal consumption expenditures rose by 0.5% in September, following a 0.3% increase in August, and after an adjustment for a 0.2% gain in the PCE price index, real consumption was still up 0.4% in September after a 0.2% increase in August. The year-over-year rate for the overall price index slowed to 2.1% from 2.3%.

Core PCE prices rose by 0.3% in the month, while the year-over-year rate remained at 2.7%.

The employment cost index rose by 0.8% in Q3 after a 0.9% gain in Q2, with wages and benefits both up 0.8%, slower than in the previous quarter.

Challenger Gray & Christmas reported 55,597 layoff intentions in October, down from 72,821 in September, but up from 36,836 in October 2023. The aerospace and defense industry led the total, lifted by cuts at Boeing.

"Job openings have fallen, and hiring is pretty flat at the moment," said Andrew Challenger, the company's senior vice president. "Companies appear to be in a holding pattern as we await election results and the potential regulatory and market environment that follows."

Initial jobless claims decreased by 12,000 to 216,000 in the week ended Oct. 26, trimming the four-week moving average by 2,250 to 236,500 after three straight increases. Initial claims were the lowest since May and have returned to more normal levels after being lifted by hurricanes in October.

Insured claims fell by 26,000 to 1.862 million in the week ended Oct. 19 after rising in the previous three weeks.

Natural gas stocks rose by 78 billion cubic feet to 3.863 trillion cubic feet in the week ended Oct. 25, up 2.8% from a year earlier and 4.8% higher than the seasonal average for the current week over the previous five years.

The Chicago PMI fell to 41.6 in October from 46.9 in September. Other manufacturing data already published have generally indicated faster expansion. The Institute for Supply Management's national index is scheduled to be released on Friday.

The initial Q4 GDPnow estimate from the Atlanta Federal Reserve is for a 2.7% gain. The next update is scheduled for Friday.