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Nov. 25, 2020, 10:10 a.m. EST

U.S. consumer spending moderates in October

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By Greg Robb

Consumer spending moderated in October, the government said Wednesday. Consumer spending rose 0.5% after a revised 1.2% gain in September, the government said Wednesday. Economists surveyed by MarketWatch had predicted a 0.4% increase. Personal income slumped 0.7% in October after a 0.7% gain in the prior month. This was led by a decrease in government social benefits. The 12-month increase in the PCE index, the Federal Reserve's preferred inflation gauge, slipped to 1.2% in October from 1.4% in the prior month. The core PCE rate that strips out food and energy edged down to 1.3% from 1.5% on an annual basis.

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