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Consumers Spend More of Rising Incomes in October

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American incomes are rising, and consumers have started to spend more of it.

That’s the key takeaway from figures released last week by the U.S. Department of Commerce, which found that personal disposable (after-tax) income in October increased by 4.1% over the same month in 2015 to $14.2 billion, the biggest year-over-year increase in this metric in nine months.

Total consumption increased by 4.2%, its biggest jump in spending in a year and a half, with most of the increase driven by a jump in durable goods spending, though spending on nondurables (which includes apparel) and services also gained.

Still-cautious consumers are not exactly becoming spendthrifts, however.

Savings as a percent of disposable income was more than 6 percent in October, its highest level in seven months.

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