US personal income rises 0.7% in October, above market estimate

US personal income rises 0.7% in October, above market estimate

Personal spending increases 0.8%, in line with expectations

By Ovunc Kutlu

ISTANBUL (AA) - Personal income of Americans rose 0.7%, or $155.3 billion, in October from the previous month, data by the Commerce Department’s Bureau of Economic Analysis said Thursday.

While analysts expected a gain of 0.4%, the number is a significant jump from September when the figure rose 0.4%.

"The increase in current-dollar personal income in October primarily reflected increases in compensation and government social benefits," said the agency.

Personal spending increased 0.8%, or $147.9 billion, from the previous month, coming in line with expectations, after showing a monthly gain of 0.6% in September.

Within goods, new motor vehicles, gasoline and other energy goods were the leading contributors to the increase, it said.

The largest contributor to the spending increase within services was food services and accommodations, it added.

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