Personal Income and Outlays, November 2018
Personal income increased $40.2 billion (0.2 percent) in November according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $37.8 billion (0.2 percent) and personal consumption expenditures (PCE) increased $54.4 billion (0.4 percent).
Real DPI increased 0.2 percent in November and real PCE increased 0.3 percent. The PCE price index increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.1 percent.
|Percent change from preceding month|
|Disposable personal income:|
|Chained (2012) dollars||0.2||0.3||0.1||0.3||0.2|
|Personal consumption expenditures (PCE):|
|Chained (2012) dollars||0.3||0.3||0.0||0.6||0.3|
|PCE, excluding food and energy||0.2||0.0||0.2||0.1||0.1|
|Price indexes:||Percent change from month one year ago|
|PCE, excluding food and energy||2.0||1.9||2.0||1.8||1.9|
The increase in personal income in November primarily reflected increases in wages and salaries and in farm proprietors’ income (table 3) that were partially offset by decreases in personal dividend income and social security benefits. Farm proprietors’ income increased $14.9 billion in November, which included subsidy payments associated with the Department of Agriculture’s Market Facilitation Program.
The $42.5 billion increase in real PCE in November reflected an increase of $32.6 billion in spending for goods and a $13.2 billion increase in spending for services (table 7). Within goods, recreational goods and vehicles was the leading contributor to the increase. Within services, the largest contributor to the increase was spending for household electricity and gas. Detailed information on monthly real PCE spending can be found in Table 2.3.6U.
Personal outlays increased $56.6 billion in November (table 3). Personal saving was $944.2 billion in November and the personal saving rate, personal saving as a percentage of disposable personal income, was 6.0 percent (table 1).
Updates to Personal Income and Outlays
Estimates have been updated for July through October. The percent change from the preceding month for current-dollar personal income, and for current-dollar and chained (2012) dollar DPI and PCE -- revised and previously published in last month's release -- are shown below.
|Change from preceding month|
|(Billions of dollars)||(Percent)||(Billions of dollars)||(Percent)|
|Disposable personal income:|
|Chained (2012) dollars||11.8||10.2||0.1||0.1||49.2||49.0||0.3||0.3|
|Personal consumption expenditures:|
|Chained (2012) dollars||12.9||-0.5||0.1||0.0||56.5||74.9||0.4||0.6|
|December 2018….||January 31||April 2019….||May 31||August 2019….||September 27|
|January 2019….||March 1||May 2019….||June 28||September 2019….||October 31|
|February 2019….||March 29||June 2019….||July 30||October 2019….||November 27|
|March 2019.…||April 29||July 2019….||August 30||November 2019….||December 20|
Next release: January 31, 2019 at 8:30 A.M. EST
Personal Income and Outlays: December 2018