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.
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 financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
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