Expectations are for personal income to rise 0.4% with personal spending expected to rise 0.3%.
PCE is expected to be flat month-on-month in October and rise 1.4% year-over-year, while "core" PCE, which excludes the more volatile costs of food and energy, is expected to rise 0.2% month-on-month and 1.5% year-over-year.
PCE, rather than CPI, is the Federal Reserve's preferred measure of inflation.
Last month, personal spending fell 0.2% and personal income rose 0.2%, while core PCE rose 0.1% month-on-month.
Wednesday is a busy morning for US economic data ahead of the Thanksgiving holiday, with housing data, employment data, and manufacturing data also expected this morning.