Personal Spending Rises in October

Consumer personal spending and personal incomes both rose in October, the Commerce Department said Wednesday.

The 0.7% spending increase followed a 0.6% drop in September.

Personal incomes gained 0.2%, Commerce said.

The increase in spending exceeded economists’ forecasts of a 0.5% gain, Bloomberg reported. Incomes also exceeded the forecast, which was a 0.1% increase.

An increase in consumer spending could increase demand for new factory goods and the trucking shipments that get them to stores.