While many Americans may be experiencing financial difficulties given the state of the economy, personal income levels rose in October nonetheless, a new report indicates.
According to the Commerce Department, personal income increased to $48.1 billion, with disposable personal income growing to $30.2 billion.
The rise in income may be largely attributable to private wage and salary disbursements growing in October, which jumped to $33.6 billion, up from $28.2 billion in September, the report suggests. Consumers also appear to be putting money aside to use at another time, with personal saving as a percentage of disposable income growing to 3.5 percent. In the previous 30-day period, it was 3.3 percent.
With more money in consumers' pockets and the holiday season in full swing, the rise in income may signal an increase in spending. Before more buying takes place, however, consumers may want to make sure their credit scores are in good standing. Unfair or inaccurate marks can drive down consumers' FICO scores, making financing a more expensive proposition.