Investing.com - U.S. consumer spending accelerated in October, according to a report released on Thursday.
The Commerce Department said consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.6% last month, after a 0.2% increase in the previous month.
September’s reading was revised down from an initial advance of 0.4%
Economists had forecast consumer spending rising 0.4%.
The Federal Reserve's preferred inflation measure, the personal consumption expenditures (PCE) price index, excluding food and energy, rose 0.1% in October after an increase of 0.2% in the prior month.
The core PCE increased 1.8% in the 12 months through October, compared to 1.9% a month earlier.
September’s gain was revised down from 2.0%.
Analysts had forecast a 0.2% and 1.9% rise, respectively.
Personal income rose 0.5% last month after advancing an unrevised 0.2% in the previous month.
Economists had expected a 0.4% advance.