Consumer spending rose in October

WASHINGTON, Nov. 25 (UPI) -- Consumer spending rose 0.7 percent in October, for the third increase in the past four months, the U.S. Commerce Department said Wednesday.

Spending, a major portion of the gross domestic product, rose 0.2 percent in July, 1 percent in August and dropped 0.6 percent a month ago.

Personal income, meanwhile, has risen with consistency for four months. In July and August, incomes rose 0.3 percent. In September and now in October, incomes rose 0.2 percent.

Core expenditures -- spending aside from food or energy items -- rose 1.4 percent, putting all three figures -- spending, core spending and income -- in line with expectations.

Disposable income rose 0.4 percent in October, Commerce said.

While a critical component of the economy, the figure is not likely to move markets Wednesday. For one, figures in line with expectations generally mean investors have already adjusted positions accordingly. Secondly, the figures complied by Commerce reflect similar data available in other reports.