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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