Personal income, personal spending, and PCE prices increase in October
The S&P 500 is down 0.3%, and the Russell 2000 is down 0.8%. Just in, personal income rose 0.5% in October (Briefing.com consensus 0.2%) following an unrevised 1.0% decline in September. Personal spending rose 1.1% in October (Briefing.com consensus +0.4%) following an unrevised 0.6% increase in September.The PCE Price Index increased 0.6% in October (Briefing.com consensus 0.6%) while the core reading, which excludes food and energy, increased 0.4% (Briefing.com consensus +0.4%). Year-over-year, the PCE Price Index was up 5.0% (versus 4.4% in September) while the core PCE Index was up 4.1% (versus 3.7% in September).New home sales increased 0.4% m/m in October to a seasonally adjusted annual rate of 745,000 units (Briefing.com consensus 800,000) from a downwardly revised 742,000 in September (from 800,000).The final reading of the Michigan Consumer Sentiment Index for November increased to 67.4 (Briefing.com consensus 66.8) from 66.8 in the preliminary reading.