Personal Income Increases For Month Of October

In recent months, many consumers have been struggling with debt, as foreclosures and bankruptcies continue to rise.

However, Americans have taken many steps to cut their personal reducing revolving credit for the 25th consecutive month in October. Now it seems consumers are being rewarded for their positive financial actions.

Personal income increased $57.6 billion - 0.5 percent - during October, according to the Bureau of Economic Analysis. Disposable income also increased during this time to $48.3 billion, a 0.4 percent jump.

Personal consumption expenditures also rose over September's numbers. The increases come as welcome news to economists and consumers as personal and disposable income took slight downturns in September.

The job sector also saw some promising upward movement. Wage distribution also saw sharp jumps, the report says. These figures increased $33.2 billion in October, roughly $25 billion more than in September. Supplemental salaries also saw a $5.1 billion gain.

Retailers and economists are hoping the increase in earnings and savings leads to strong sales this holiday season.