Personal Spending Rose 0.5%; Income Up 0.3% in November

Personal income increased $33.8 billion, or 0.3 percent, and disposable personal income (DPI) increased $27.0 billion, or 0.3 percent, in November, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $50.5 billion, or 0.5 percent. 

Private wage and salary disbursements increased $18.2 billion in November, compared with an increase of $26.6 billion in October. 

  • Goods-producing industries' payrolls increased $1.3 billion, compared with an increase of $5.6 billion; 
  • Manufacturing payrolls decreased $0.3 billion, in contrast to an increase of $3.3 billion. 
  • Services-producing industries' payrolls increased $17.0 billion, compared with an increase of $21.0 billion. 
  • Government wage and salary disbursements increased $2.9 billion, compared with an increase of $2.5 billion.

Personal current taxes increased $6.9 billion in November, compared with an increase of $14.4 billion in October. 

Personal outlays -- PCE, personal interest payments, and personal current transfer payments increased $50.5 billion in November, compared with an increase of $26.2 billion in October. PCE increased $50.5 billion, compared with an increase of $26.2 billion.

Personal saving -- DPI less personal outlays -- was a negative $95.0 billion in November, compared with a negative $71.4 billion in October.

University of Michigan Consumer Sentiment

The University of Michigan said the final December reading of its consumer sentiment index declined to 91.7 from 92.1 in November. The drop was less severe than expected on Wall Street, where the median forecast called for a reading of 90.2.

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