US Consumer Spending Rises in October Amid Persistent Inflation
TL;DR Summary
In October 2024, U.S. personal income rose by $147.4 billion (0.6%), while disposable personal income increased by $144.1 billion (0.7%). Personal consumption expenditures (PCE) grew by $72.3 billion (0.4%). The PCE price index rose 0.2%, with a 0.3% increase excluding food and energy. Real disposable income and real PCE saw modest gains of 0.4% and 0.1%, respectively. The increase in income was driven by higher compensation and asset income, while PCE growth was led by services, particularly healthcare and housing. The personal saving rate was 4.4%.
Topics:business#consumer-spending#disposable-income#economic-growth#economy#pce-price-index#personal-income
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