Personal spending gained 0.2 percent after no change in September. Strength was in services which rose 0.3 percent, matching the September pace. Nondurables rebounded 0.2 percent in October after decreasing 0.3 percent the prior month. Durables dipped 0.2 percent after falling 1.1 percent in September.
PCE inflation continues below Fed goal. Headline inflation rose only 0.1 percent on a monthly basis, matching the September number. Core PCE inflation gained 0.2 percent, following a 0.1 percent rise in September.
On a year-ago basis, headline PCE inflation held steady at 1.4 percent in October. Year-ago core inflation posted at 1.6 percent in October versus 1.5 percent in September. Both series are below the Fed goal of 2 percent year-ago inflation.
Overall, the consumer sector is slowly improving in terms of income and spending.
Recent History Of This Indicator:
Personal income in September continued a modest uptrend but spending slipped on volatile auto sales and lower gasoline prices. Personal income advanced 0.2 percent in September, following a 0.3 percent gain in August. The wages & salaries component increased 0.2 percent, following a 0.5 percent boost the prior month. Averaging the wage gains leaves consumer basic income moderately healthy.
Personal income in September continued a modest uptrend but spending slipped on volatile auto sales and lower gasoline prices. Personal income advanced 0.2 percent in September, following a 0.3 percent gain in August. The wages & salaries component increased 0.2 percent, following a 0.5 percent boost the prior month. Averaging the wage gains leaves consumer basic income moderately healthy.
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