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Saturday, March 28, 2020
HomeNewsEconomyPersonal Income Gains $101B in November, Surpassing Forecast Range

Personal Income Gains $101B in November, Surpassing Forecast Range

American flag and U.S. dollar financial and economy concept. (Photo: AdobeStock)

Personal Outlays Gain Even as Personal Saving Rate Ticks Slightly Higher

The Bureau of Economic Analysis (BEA) reported personal income rose $101.7 billion (0.5%) in November, exceeding the forecast range. The gain was primarily driven by better compensation for employees, as well as farm proprietors’ income, and personal interest income.

Forecasts ranged from a low of 0.2% to a high of 0.4%. The consensus forecast was 0.3%.

Disposable personal income (DPI) rose $87.7 billion (0.5%) and consumer spending continued to come in stronger than expected. Personal consumption expenditures (PCE) gained $64.9 billion (0.4%).

Forecasts ranged from a low of 0.2% to a high of 0.5%. The consensus forecast for spending was 0.4%.

Real DPI and real PCE rose 0.4% and 0.3%, respectively. The PCE price index increased 0.2%. Excluding food and energy, the PCE price index increased 0.1%.

The $37.8 billion increase in real PCE reflected an increase of $22.6 billion in spending for goods and a $17.1 billion increase in spending for services.

Personal outlays increased overall by $68.6 billion in November.

Personal saving was $1.31 trillion in November and the personal saving rate—personal saving as a percentage of disposable personal income—rose slightly to 7.9%.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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