The U.S. Commerce Department released personal spending and income figures on Wednesday. Personal spending rose 0.1% in October, missing expectations for a 0.3% gain, after a 0.1% increase in September.

Consumer spending makes more than two-thirds of U.S. economic activity. Consumer spending grew 3.0% in the third quarter, after a 3.6% increase in the second quarter.

This data suggests that American consumers were cautious.

Spending on durable goods was flat in October, while spending on services increased by 0.1%.

The saving rate climbed was 5.6% in October, the highest level since December 2012, up from 5.3% in September.

Personal income increased 0.4% in October, in line with expectations, after a 0.2% gain in September. September's figure was revised up from a 0.1% increase.

Wages and salaries were up 0.6% in October.

The personal consumption expenditures (PCE) price index excluding food and energy was flat in October, missing forecasts of a 0.1% increase, after a 0.2% gain in September. September's figure was revised up from a 0.1% rise.

On a yearly basis, the PCE price index excluding food and index remained unchanged at 1.3% in October, in line with expectations.

The PCE index is below the Fed's 2% inflation target. The PCE index is the Fed's preferred measure of inflation.