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Consumer spending increases only 0.1% in October

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Consumer spending increases only 0.1% in October

Slight increase follows a similarly anemic rise in September.

Consumer spending increased $15.2 billion, or 0.1%, in October, according to the Bureau of Economic Analysis. This followed an identical increase in September, which was the lowest increase in eight months

Analysts had expected an increase of 0.3%.

Personal income increased $68.1 billion, or 0.4%, and disposable personal income increased $56.8 billion, or 0.4%, during the month. In September, personal income increased $27.4 billion, or 0.2%, DPI increased $27.0 billion, or 0.2%.

Personal saving -- DPI less personal outlays -- was $761.9 billion in October, compared with $722.9 billion in September. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.6%, compared with 5.3%.  Savings rose to their highest level in nearly three years.

The full report can be found here.

 

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