Personal Income and Spending: Par for the Course
The U.S. Department of Commerce has released the numbers for personal income and spending for the month of November.
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The U.S. Department of Commerce released the numbers for personal income and spending for the month of November. Personal income increased 0.4%, compared to a Bloomberg consensus estimate of 0.5%. The previous reading was revised to 0.3% from 0.2%.
Personal consumption expenditures (PCE) increased 0.6%, above the consensus estimate of 0.5%. The reading from October was revised to 0.3% from 0.2%.
The PCE price index came in at -0.2%, just under the consensus estimate of -0.1%. The previous reading was revised down to 0.0% from 0.1%.
The core PCE price index, which is without food and energy, remained flat against a consensus estimate of 0.1%. The previous reading was revised to 0.2%.
It is also worth noting that the PCE inflation was 1.4% in November.
The report went on to address wages and salaries:
Private wages and salaries increased $38.7 billion in November, compared with an increase of $24.9 billion in October. Goods-producing industries’ payrolls increased $7.3 billion in November, the same increase as in October. Manufacturing payrolls increased $3.9 billion in November, compared with an increase of $4.6 billion in October. Services-producing industries’ payrolls increased $31.5 billion, compared with an increase of $17.6 billion. Government wages and salaries increased $1.8 billion, compared with an increase of $1.2 billion.
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Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics. Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications. A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.
