US consumer spending beat expectations in September

The US Commerce Department said consumer spending, which accounts for more than two-thirds of US economic activity, rose 0.6% in September versus 0.6% in August, after adjusting for an increase instead of the previously reported 0.4%.

The personal consumption expenditures (PCE) price index rose 0.3% in September, and on an annualized basis the PCE price index rose 6.2% in September. The core PCE price index excluding the volatile food and energy components rose 0.5% in September, and on a year-over-year basis the core PCE price index rose 5.1% in September after rising by 4.9% in August.