Personal income rises more than expected
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Personal income increased by 0.6% (0.4% forecast,) boosted by higher employee compensation and interest on investments.
Spending gained by 0.3% (0.5% expected.) Consumers deferred some of their spending, with the rate of savings as a share of disposable income rising to 6% from 5.7%.
The second estimate of Q3 gross domestic product released on Tuesday was revised higher, to a 3.2% pace from 2.9%. This was mostly due to new data that reflected stronger consumer spending than previously thought.
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