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Financial News: U.S. Personal Income Climbs 0.4% In October, More

U.S. Personal Income Climbs 0.4% In October, More Than Expected

11/30/2017 - 09:16:00 (RTTNews)

(RTTNews) - Personal income in the U.S. increased by slightly more than expected in the month of October, according to a report released by the Commerce Department on Thursday, while the report said personal spending rose in line with estimates.

The report said personal income climbed by 0.4 percent in October, matching the increase seen in September. Economists had expected income to rise by 0.3 percent.

Disposable personal income, or personal income less personal current taxes, increased by 0.5 percent in October after climbing by 0.4 percent in the previous month.

The Commerce Department also said personal spending rose by 0.3 percent in October after increasing by a downwardly revised 0.9 percent in September.

Economists had expected spending to rise by 0.3 percent compared to the 1.0 percent jump originally reported for the previous month.

Real spending, which is adjusted to remove price changes, inched up by just 0.1 percent in October following a 0.5 percent increase in September.

Despite the muted gain in real spending in October, Andrew Hunter, U.S. Economist at Capital Economics, said the strength in the previous month means "real consumption is still on course for decent growth in the fourth quarter overall."

"The weaker gain in October was largely due to a drop back in durable goods spending, which is almost entirely from a decline in auto sales following the post-hurricane surge in replacement demand in September," Hunter said.

With income rising faster than spending, personal saving as a percentage of disposable personal income rebounded to 3.2 percent in October after falling to 3.0 percent in September.

A reading on inflation said to be preferred by the Federal Reserve showed the annual rate of core consumer price growth in October was unchanged from the previous month at 1.4 percent.

"Core inflation will probably remain subdued for a few more months, but most Fed officials believe this weakness to be transitory and the Fed still looks set to raise rates in December," Hunter said.

He added, "Next year, we expect a more marked rebound in core inflation to prompt the Fed to hike rates more aggressively."

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