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Personal Spending Increases 0.1% in October

11/23/2011 8:50:00 AM
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Consumer personal spending edged up 0.1% in October, the Commerce Department said Wednesday.

The slight increase followed a revised 0.7% gain in September that was larger than previously estimated.

The October gain was below economists’ forecasts of a 0.3% increase, Bloomberg reported.

Personal incomes rose 0.4%, the largest increase since March, after rising 0.1% the previous month.

A rise in consumer spending could increase demand for new factory goods and the trucking shipments that get them to stores.

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