Income Up 1.8% in October
A large increase in farm subsidy payments and bonuses to auto workers pushed Americans’ personal income up 1.8% in October, the steepest rise in a year, the government said today.
The Commerce Department said that excluding farm and auto increases, income would have risen a still hefty 0.9%. Personal consumption spending, which includes everything except interest payments on debt, was up a robust 0.8% following a weak 0.1% rise in September. With income rising faster than spending, Americans saved more than in any month since October, 1987. The personal savings rate was 5.2%, up from 4.2% in September.
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