US consumer spending up 0.3 per cent in October but wages and salaries post weak gain
WASHINGTON - U.S. consumers increased their spending in October even though their wages and salaries barely increased, raising questions about how strong the economy will grow at the end of the year.
The Commerce Department says consumer spending increased 0.3 per cent in October compared with September when spending rose 0.2 per cent. Wages and salaries rose a slight 0.1 per cent after a much stronger 1 per cent rise in September.
Overall income actually fell 0.1 per cent following a 0.5 per cent rise in September. But September's gain was inflated by a legal settlement that boosted farm income that month, leading to a big decline in farm income in October.
The personal saving rate dipped to 4.8 per cent of after-tax income in October, down from 5.2 per cent in September, reflecting the difference between spending and income.
Read more Business News
- Road closures and blastingWest Kelowna - 12:47 pm
- 12K eggs gone in 45 secondsWest Kelowna - 1:38 pm
- Garneau talks to veteransKelowna - 8:45 am
- Castanet's week in reviewKelowna - 5:00 am
|QHR Technologies Inc||1.29||+0.07|
|Anavex Life Sciences||0.375||0.00|
|Copper Mountain Mining||2.35||-0.07|
|Sunrise Resources Ltd||0.025||-0.005|
|Mission Ready Services||0.25||+0.02|
With all of the adventure activities I have done and still do, I wonder sometimes if the edge still exists. The systematic approach to learning a new adventure or extreme activity combined with the r...
How much time should you put into prospecting? The question is a bit of a puzzle. Ideally, there would be a reference book that lists, by industry, how much time you should invest in prospecting acti...
The Big Picture Valuation fears grip markets Growing concerns about the level of stock market valuations sparked a risk-off trade in global markets this week. Investors are worried that many companies...