Consumer Spending Rises in October

Consumer personal spending increased 0.4% in October as incomes gained 0.5%, the Commerce Department said Wednesday.

The spending gain was slightly smaller than economists’ forecasts of a 0.5% increase, Bloomberg reported. It was the fifth consecutive monthly increase.

The increase in personal incomes came after a decrease in September, Commerce said. Economists had forecast a 0.4% gain.

A rise in consumer spending could increase demand for new factory goods and the trucking shipments that get them to stores.