US personal income and spending likely quickened in October

An anticipated rebound in private-sector wage and salary disbursements, combined with a pickup in government transfer payments, likely boosted personal income by 0.3% in October, after a 0.1% uptick in the prior month. Nominal consumer spending probably accelerated as well during the reference period, rising by 0.4% and paring the personal savings rate by one tick to 4.7%. 

After adjusting for a forecasted hike in retail goods and services costs during the reference period, real personal consumption expenditures (PCE) likely climbed by 0.2%, placing October's inflation-adjusted spending level a very healthy 2.0% annualized above the summer-quarter average. 

"With our projection, a pair of what should be easily achievable 0.24% increases inflation-adjusted outlays in November and December is all that will be required to hit our 3% Q4 real PCE target", notes Societe Generale.