US personal income, spending rise in October beyond estimates

US personal income, spending rise in October beyond estimates

Fed's preferred inflation indicator core PCE price index up 4.1% year-on-year, highest since January 1991

By Ovunc Kutlu

ANKARA (AA) - Personal income and spending in the US increased in October beyond the market estimates, according to the Commerce Department's Bureau of Economic Analysis report on Wednesday.

In October, personal income increased $93.4 billion, or 0.5%, from the previous month. Market expectation for personal income was a rise of 0.2%, after it declined 1% in September.

Personal spending soared $214.3 billion, or 1.3% in October from the month before. Market estimate for personal spending was an increase of 1% in September, while it rose 0.6% in the previous month.

The personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred inflation indicator, increased 0.6% in October. Core PCE price index, excluding food and energy, rose 0.4% from the previous month.

PCE price index increased 5% annually, marking its fastest jump since November 1990.

Core PCE price index gained 4.1% year-on-year, the sharpest increase since January 1991.

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