Personal Income & Spending Growth Slow in November
The US Department of Commerce has released its report on personal income and spending for November, and US workers saw an income gain of just 0.1% in the month. Personal spending also rose by just 0.1%. Analysts were expected a…
The US Department of Commerce has released its report on personal income and spending for November, and US workers saw an income gain of just 0.1% in the month. Personal spending also rose by just 0.1%. Analysts were expected a gain of 0.2% in each category.
November’s low income growth included a decline of $7.1 billion salaries and wages paid, compared with an increase of $37.2 billion in October, when personal income growth reached 0.4%. The personal savings rate also declined by 0.1%, from 3.6% in October to 3.5% in November.
On the plus side, the personal consumption expenditure inflation rate fell 0.1%, the same as in October, and the price index rose just 0.1%, again the same as in October.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
