Economic Buzz: US Personal Income Rise 0.7% In October

2 Dec 2022 , 09:00 AM

The Commerce Department released a report showing U.S. personal income increased by more than expected in the month of October. The Commerce Department released a report on Thursday showing U.S. personal income increased by more than expected in the month of October. The stronger than expected personal income growth primarily reflected increases in compensation and government social benefits. Disposable personal income, or personal income less personal current taxes, also increased by 0.7 percent in October after edging up by 0.3 percent in September. The Commerce Department said personal spending also advanced by 0.8 percent in October after climbing by 0.6 percent in September. Real personal spending, which excludes price changes, rose by 0.5 percent in October following a 0.3 percent uptick in September. With spending increasing by slightly more than income, personal saving as a percentage of disposable personal income dipped to 2.3 percent in October from 2.4 percent in September.Powered by Commodity Insights