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  • U.S. consumer spending soars 1.3 percent in October, income rises 0.5 percent, core PCE price index advances 0.4 percent
Ekonomické zprávy
24.11.2021

U.S. consumer spending soars 1.3 percent in October, income rises 0.5 percent, core PCE price index advances 0.4 percent

The Commerce Department reported on Wednesday that consumer spending in the U.S. jumped 1.3 percent m-o-m in October after an unrevised 0.6 percent m-o-m gain in September. This marked the largest monthly rise in consumer spending since March. Economists had forecast the reading to show a 1.0 percent m-o-m increase.

Meanwhile, consumer income increased 0.5 percent m-o-m in October, following an unrevised 1.0 percent m-o-m drop in the previous month. This represented the biggest monthly gain in consumer income since July. Economists had forecast a 0.2 percent m-o-m increase.

The October rise in personal income was primarily due to gains in compensation of employees and personal income receipts on assets, which, however, were partly offset by a decline in government social benefits.

Elsewhere, the personal consumption expenditures (PCE) price index, excluding the volatile categories of food and energy, which is the Fed's preferred inflation measure, rose 0.4 percent m-o-m in October, following an unrevised 0.2 percent m-o-m advance in September. Economists had projected the index would increase 0.2 percent m-o-m. In the 12 months through October, the core PCE climbed 4.1 percent, accelerating from an upwardly revised 3.7 percent in the 12 months through September (from 3.6 percent). Economists had forecast an increase of 4.1 percent y-o-y. 

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