Market Updates
Personal Income, Spending Rise; PCE Price Index Growth Slows
Brian Turner
01 Dec, 2022
New York City
Personal Spending and Income Rose
Personal spending in October rose 0.8% following 0.6% in September and personal income increased 0.7%, the most in a year, the U.S. BEA reported Thursday.
Personal income increased 0.7% to $155.3 billion in October and disposable personal income increased 0.7% to $132.9 billion and personal consumption expenditures or PCE increased 0.8% to $147.9 billion.
PCE Price Index Growth Slows
The price consumption expenditure, the Federal Reserve's preferred measure of inflation which takes into account customers substituting higher-priced goods for cheaper alternatives, rose at the same rate in October but slowed to the lowest level from a year ago.
The PCE price index increased 0.3% in October from September and rose 6.0% from a year ago, the lowest in the year so far.
The monthly increase in the index in October matched the rates for the previous two months.
Prices for goods increased 7.2% and services rose 5.4% from a year ago.
The core PCE Index, which excludes food and energy, slowed to 5.0% from 5.2% in the previous month.
Annual Returns
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