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Intraday Economic News: U.S. Personal Income Rises 0.4% in October; Spending Up 0.1% Nov 11
Standard & Poors, November 2011
U.S. personal income was up 0.4% month over month in October--slightly stronger than the 0.3% consensus expectation and the 0.1% pace seen in September. Consumer spending rose only 0.1% from the prior month. This was much weaker than the 0.4% consensus expectation and was surprising, given the stronger-than-expected October retail sales and the healthy International Council of Shopping Centers chain-store sales figures reported last week. This came after September spending was revised up to a 0.7% pace (was 0.6%). Disposable income rose 0.3% from a 0.1% pace in September. The savings rate rose to 3.5% in October from 3.3% the month before. The personal consumption expenditures price index fell 0.1% month over month, decelerating from the 0.2% pace in September....
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