US Personal Income and Outlays Rise in October and November

On Thursday, the US Bureau of Economic Analysis (BEA) reported that personal income rose in both October and November 2025, according to its latest estimates, with the delayed release covering two months due to the government shutdown.

Personal income increased $30.6 billion, or 0.1%, at a monthly rate in October, followed by an $80.0 billion increase, or 0.3%, in November. Disposable personal income (DPI)—personal income less personal current taxes—rose $12.0 billion, or 0.1%, in October and increased $63.7 billion, or 0.3%, in November.

Personal consumption expenditures (PCE) increased $98.6 billion, or 0.5%, in October and rose a further $108.7 billion, or 0.5%, in November.

Personal outlays—the sum of PCE, personal interest payments, and personal current transfer payments—increased $97.8 billion in October and rose $107.9 billion in November. Personal saving totaled $843.9 billion in October and $799.7 billion in November, while the personal saving rate stood at 3.7% in October and 3.5% in November.

The increase in current-dollar personal income in October primarily reflected higher compensation and government social benefits, partly offset by declines in other current transfer receipts from business, farm proprietors’ income, and personal dividend income. In November, the increase was driven mainly by higher compensation and personal dividend income.

The PCE price index rose 0.2% in both October and November. Excluding food and energy, the index also increased 0.2% in both months.

Year-over-year, the PCE price index increased 2.7% in October and 2.8% in November. Excluding food and energy, the index rose 2.7% in October and 2.8% in November.