US personal consumption nudges slightly higher in October

US consumer spending rose slowly in October, data released on Wednesday showed.

According to figures released by the Commerce Department, spending rose 0.1% month-on-month in October compared with a 0.1% increase in September and with analysts’ expectations for a 0.3% gain.

Meanwhile, personal income rose 0.4% month-on-month in October, in line with expectations an up from an upwardly revised 0.2% increase registered in September.

In real terms, personal spending rose 0.1%, in line with the previous month's gain but short of consensus for a 0.2% hike.

On a core level, which strips out food and energy, the personal consumption expenditure was flat, falling short of the 0.1% reading analysts had expected and lower than an upwardly revised 0.2% gain in the previous month.

On a year-on-year basis, the PCE index rose 1.3%, slightly below the 1.4% consensus but in line with the 1.3% rise recorded in September.