Forex News

US personal spending rises 0.6%, Core PCE index eases to 1.8%


U.S. personal spending resumed its advance in October, while the annual Core PCE price index eased, data released on Thursday showed.

Consumer spending surged 0.6 percent last month, resuming advance for a seventh straight month, from a revised of 0.2 percent in September. Analysts’ had predicted a 0.4 percent increase.

Personal income for the same month saw a 0.5 percent rise, compared to both previous and forecasts of 0.2 percent and 0.4 percent advance.

Core PCE Price Index rose 0.1 percent on the month, decelerating from a 0.2 percent in September, and eased to 1.8 percent on the yearly basis from a previous of 1.9 percent.

The annual PCE price index held at the Federal Reserve’s target of 2 percent.

Another report from the U.S. showed that initial jobless claims climbed to 234,000 last week from 224,000 a week before.

As of 13:55 GMT, the dollar traded slightly lower at 96.74, after hitting a high of 96.91 and a low of 96.53 during today’s session.

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