US Personal Income and Outlays for November

On Friday, the US Bureau of Economic Analysis (BEA) reported that according to its estimates, personal income (PI) increased $71.1 billion, or 0.3% at a monthly rate in November. Disposable personal income (DPI), personal income less personal current taxes, increased $61.1 billion, or 0.3%. Personal consumption expenditures (PCE) increased $81.3 billion, or 0.4%.

Real DPI increased 0.2% in November and real PCE increased 0.3%; goods increased 0.7% and services increased 0.1%. The PCE price index increased 0.1%. Excluding food and energy, the PCE price index increased 0.1%.

Year-over-year, the PCE price index for November increased 2.4%. Prices for goods decreased 0.4%, while prices for services increased 3.8%. Food prices increased 1.4%, but energy prices decreased 4.0%. Excluding food and energy, the PCE price index increased 2.8% from one year ago.

Personal outlays—the sum of PCE, personal interest payments, and personal current transfer payments—increased $78.2 billion in November. Personal saving was $968.1 billion, and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.4%.