facebook
twitter
search
search

Wage growth outpaces spending growth

Nov. 23, 2011 at 11:39 AM
| License Photo

WASHINGTON, Nov. 23 (UPI) -- Consumer incomes outpaced a 0.1 percent rise in consumer spending in October, the U.S. Commerce Department's Bureau of Economic Analysis said Wednesday.

Incomes rose by 0.4 percent or $48.1 billion while disposable incomes climbed 0.3 percent or $30.2 billion.

Spending, however, rose by 0.1 percent in the month or by $15.5 billion, the department said.

Core spending, a figure that excludes the more volatile categories of energy and food, rose 1.7 percent on an annual basis, in line with expectations.

Private wages and salaries rose by $33.6 billion in October, compared to a rise of $28.2 billion in the previous month.

Payrolls at goods-producing firms rose by $6.4 billion in the month, a considerable jump from the $2.4 billion increase in September. Compensation at service industry jobs rose by $27.3 billion, higher than the $22.6 billion in the previous month.

With incomes rising faster than spending, savings has climbed month-to-month from $376.9 billion in September to $400.2 in October, the department said.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Compact cannon for British armored vehicles
Volvo unveils new child seat concept
New Zealand military receives medium heavy military trucks
BBC to lay off 1,000 people to make up for $234M in lost revenue
U.S. proposes tighter pipeline spill rules