01:55 PM EST, 11/27/2024 (MT Newswires) -- Personal income was up 0.6% in October, ahead of expectations, lifted by a 0.5% gain in wage and salaries and large gains for return on assets and transfer receipts and small increases for proprietors' income and rental income.

Personal consumption expenditures rose by 0.4% in October after a 0.6% increase in September. After an adjustment for a 0.2% increase in the PCE price index, real consumption was up 0.1% in October after a 0.5% increase in September. The year-over-year rate for the overall price index accelerated to 2.3% from 2.1%

Core PCE prices rose by 0.3% in the month, while the year-over-year rate increased to 2.8% from 2.7%.

Economic growth was unrevised at a 2.8% gain in Q3, as expected, though personal consumption expenditures were revised down to a 3.5% gain from 3.7% in the previous estimate. There were upward revisions to fixed investment and inventories, but a downward adjustment to net exports. The price readings were little changed from the advance estimates.

The advance goods trade deficit narrowed to $99.08 billion in October from $108.69 billion in September, reflecting a larger import decline than export decline.

Advance wholesale inventories rose by 0.2%, while advance retail inventories increased by 0.1%. Wholesale inventories will be updated on Dec. 9, while retail inventories are eligible for revision on Dec. 17.

The National Association of Realtors' pending home sales index rose by 2% in October, above expectations for a 2% decline. NAR attributed the gain to increased inventory and healthy job performance. Pending sales were up 5.4% from a year earlier.

Durable goods new orders rose by 0.2% in October, while shipments declined by 0.6%. Excluding transportation, new orders and shipments were both up 0.1%.

Initial jobless claims decreased by 2,000 to 213,000 in the week ended Nov. 23, trimming the four-week moving average by 1,250 to 217,000, a fifth straight decrease.

Insured claims rose by 9,000 to 1.907 million in the employment survey week ended Nov. 16, the highest level since the week ended Nov. 13, 2021. Insured claims were at a level of 1,888,000 in the employment survey week ended Oct. 12.

The Chicago PMI fell to 40.2 in November from 41.6 in October. Other manufacturing data already published have been mixed. The Institute for Supply Management's national index is scheduled to be released on Dec. 2.

Natural gas stocks fell by 2 billion cubic feet to 3.967 trillion cubic feet in the week ended Nov. 22, up 3.5% from a year earlier and 7.2% higher than the seasonal average for the current week over the previous five years.

The Mortgage Bankers Association reported a 6.3% jump in mortgage applications in the week ended Nov. 22 after a 1.7% gain in the previous week. Refinancing activity declined, partially offsetting a surge in new home applications. Mortgage rates fell for the first time in more than two months, the MBA said.

Total crude oil inventories fell by 700,000 barrels in the week ended Nov. 22, with commercial oil inventories down 1.8 million barrels and stocks in the US Strategic Petroleum Reserve up 1.2 million barrels. Gasoline inventories and distillate inventories both increased last week.

The Q4 GDPnow estimate from the Atlanta Federal Reserve is for a 2.7% increase, revised up from a 2.6% gain reported on Nov. 19. The next update is scheduled for Dec. 2.