Personal income increased $71.1 billion (0.3 percent at a monthly rate) in November, according to estimates released today by the U.S. Bureau of Economic Analysis (tables 2 and 3). Disposable personal income (DPI), personal income less personal current taxes, increased $61.1 billion (0.3 percent) and personal consumption expenditures (PCE) increased $81.3 billion (0.4 percent).
The PCE price index increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.1 percent (table 5). Real DPI increased 0.2 percent in November and real PCE increased 0.3 percent; goods increased 0.7 percent and services increased 0.1 percent (tables 3 and 4).
2024
July Aug. Sept. Oct. Nov.
Percent change from preceding month
Personal income:
Current dollars 0.3 0.2 0.4 0.7 0.3
Disposable personal income:
Current dollars 0.2 0.2 0.4 0.7 0.3
Chained (2017) dollars 0.1 0.0 0.2 0.5 0.2
Personal consumption expenditures (PCE):
Current dollars 0.6 0.2 0.7 0.3 0.4
Chained (2017) dollars 0.4 0.1 0.5 0.1 0.3
Price indexes:
PCE 0.2 0.1 0.2 0.2 0.1
PCE, excluding food and energy 0.2 0.2 0.3 0.3 0.1
Price indexes: Percent change from month one year ago
PCE 2.5 2.3 2.1 2.3 2.4
PCE, excluding food and energy 2.7 2.7 2.7 2.8 2.8
The increase in current-dollar personal income in November primarily reflected an increase in compensation that was partly offset by decreases in personal income receipts on assets and personal current transfer receipts (table 2).
The $81.3 billion increase in current-dollar PCE in November reflected an increase of $48.3 billion in spending for goods and an increase of $33.0 billion in spending for services (table 2). Within goods, the largest contributors to the increase were motor vehicles and parts (led by new motor vehicles) and recreational goods and vehicles (led by video, audio, photographic and information processing equipment and media). Within services, the largest contributors to the increase were spending for financial services and insurance (led by financial service charges, fees, and commissions); recreation services (led membership clubs, sports centers, parks, theaters and museums as well as gambling); and health care (led by hospitals). Detailed information on monthly PCE spending can be found on Table 2.4.5U.
Personal outlays—the sum of PCE, personal interest payments, and personal current transfer payments—increased $78.2 billion in November (table 2). Personal saving was $968.1 billion in November and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.4 percent (table 1).
Prices
From the preceding month, the PCE price index for November increased 0.1 percent (table 5). Prices for goods increased less than 0.1 percent and prices for services increased 0.2 percent. Food prices increased 0.2 percent and energy prices also increased 0.2 percent. Excluding food and energy, the PCE price index increased 0.1 percent. Detailed monthly PCE price indexes can be found on Table 2.4.4U.
From the same month one year ago, the PCE price index for November increased 2.4 percent (table 7). Prices for goods decreased 0.4 percent and prices for services increased 3.8 percent. Food prices increased 1.4 percent and energy prices decreased 4.0 percent. Excluding food and energy, the PCE price index increased 2.8 percent from one year ago.
Real PCE
The 0.3 percent increase in real PCE in November reflected an increase of 0.7 percent in spending on goods and an increase of 0.1 percent in spending on services (table 4). Within goods, the largest contributors to the increase were recreational goods and vehicles (led by video, audio, photographic and information processing equipment and media) and motor vehicles and parts (led by new motor vehicles). Within services, the largest contributors to the increase were recreation services (led by gambling as well as membership clubs, sports centers, parks, theaters and museums). Detailed information on monthly real PCE spending can be found on Table 2.4.6U.
Updates to Personal Income and Outlays
Estimates have been updated for July through October. Revised and previously published changes from the preceding month for current-dollar personal income, and for current-dollar and chained (2017) dollar DPI and PCE, are provided below for September and October.
Change from preceding month
September October
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal income:
Current dollars 74.4 88.2 0.3 0.4 147.4 165.9 0.6 0.7
Disposable personal income:
Current dollars 65.7 79.1 0.3 0.4 144.1 159.4 0.7 0.7
Chained (2017) dollars 21.4 33.9 0.1 0.2 74.3 88.2 0.4 0.5
Personal consumption expenditures:
Current dollars 129.2 139.1 0.6 0.7 72.3 70.1 0.4 0.3
Chained (2017) dollars 75.2 84.8 0.5 0.5 19.8 19.5 0.1 0.1
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Next release: January 31, 2025, at 8:30 a.m. EST
Personal Income and Outlays, December 2024
Note: Beginning in January 2025, the PIO news release materials will no longer include a separate “Highlights” document as part of the release’s “Related Materials.” Information previously included in the Highlights will be available in the news release or on BEA’s website.
Personal Income and Outlays Release Dates for 2025
Estimate Release Date
December 2024 January 31, 2025
January 2025 February 28, 2025
February 2025 March 28, 2025
March 2025 April 30, 2025
April 2025 May 30, 2025
May 2025 June 27, 2025
June 2025 July 31, 2025
July 2025 August 29, 2025
August 2025 September 26, 2025
September 2025 October 31, 2025
October 2025 November 26, 2025
November 2025 December 19, 2025
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