U.S. Personal Income Climbs More Than Expected In October

The Commerce Department released a report on Thursday showing U.S. personal income increased by more than expected in the month of October.

The report said personal income climbed by 0.7 percent in October after rising by 0.4 percent in September. Economists had expected another 0.4 percent increase.

The stronger than expected personal income growth primarily reflected increases in compensation and government social benefits.

The Commerce Department said personal spending also advanced by 0.8 percent in October after climbing by 0.6 percent in September. The increase matched economist estimates.

Meanwhile, a reading on inflation said to be preferred by the Federal Reserve showed the annual rate of core consumer price growth slowed to 5.0 percent in October from 5.2 percent in September.