3 months ago
Economic Indicators

U.S. Consumer Spending Rises 0.6% in October

Investing.com - U.S. consumer spending accelerated in October, according to a report released on Thursday. The Commerce Department said consumer spending,

Investing.com - U.S. consumer spending accelerated in October, according to a report released on Thursday.

The Commerce Department said consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.6% last month, after a 0.2% increase in the previous month.

September’s reading was revised down from an initial advance of 0.4%

Economists had forecast consumer spending rising 0.4%.

The Federal Reserve's preferred inflation measure, the personal consumption expenditures (PCE) price index, excluding food and energy, rose 0.1% in October after an increase of 0.2% in the prior month.

The core PCE increased 1.8% in the 12 months through October, compared to 1.9% a month earlier.

September’s gain was revised down from 2.0%.

Analysts had forecast a 0.2% and 1.9% rise, respectively.

Personal income rose 0.5% last month after advancing an unrevised 0.2% in the previous month.

Economists had expected a 0.4% advance.