Income up 0.5%, and spending is up 0.4%, which suggests a tick up in the savings rate of 0.1%.
Markets are up 0.5% heading intot he pre-market.
Background: This is a key read on a key component of Q4 GDP.
The October consumption figures will give us a read on current quarter spending, which is important to our forecast of 3%+ real GDP growth. We anticipate a solid 0.5% increase in consumption, led mostly by higher automobile spending; we expect personal income to be up 0.4%, which implies the saving rate slips a tenth to 5.2%.
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