Washington, DC. The U.S. Commerce Department’s Bureau of Economic Analysis today released data on personal income and outlays for October 2011. Personal income rose 0.4 percent in October, exceeding private-sector forecasts of a 0.3 percent increase. Wages and salaries, the largest part of income, rose 0.5 percent. Real consumer spending edged up 0.1 percent, compared to expectations of a 0.3 percent rise. This followed a pickup of 0.5 percent in September, however.
“Today’s personal income data show the economy is still generating moderate growth in income, especially in the important wages and salaries components,” U.S. Commerce Department Chief Economist Mark Doms said. “Personal income has risen every month, but one, in the past two years and is up 3.9 percent over a year ago. In the months ahead, we anticipate the Administration’s continued focus on job creation will drive growth in personal income and consumer confidence and help to further strengthen the U.S. economy.”