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- U.S. consumer spending up 0.3 percent in October
U.S. consumer spending up 0.3 percent in October
U.S. consumer
spending up 0.3 percent in October
The Commerce
Department reported on Wednesday that consumer spending in the U.S. rose 0.3
percent m-o-m in October, following an unrevised 0.2 percent m-o-m gain in September.
Economists had forecast the reading to show a 0.3 percent m-o-m growth.
Meanwhile,
consumer income was flat m-o-m in October, following an unrevised 0.3 percent
m-o-m gain in the previous month. Economists had forecast a 0.3 percent m-o-m
advance.
The October increase
in personal income primarily reflected an advance in wages and salaries, which,
however, was partially offset by decreases in personal interest income and in
farm proprietors’ income.
The personal
consumption expenditures (PCE) price index, excluding the volatile categories
of food and energy, which is the Fed's preferred inflation measure, edged up
0.1 percent m-o-m in October after a flat m-o-m performance in the prior month.
Economists had projected the index would rise 0.1 percent m-o-m.
In the 12
months through October, the core PCE increased 1.6 percent, following an
unrevised 1.7 percent growth in the 12 months through September. Economists had
forecast a gain of 1.7 percent y-o-y.
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