Personal Income and Outlays, November 2022
Personal income increased $80.1 billion (0.4 percent) in November, according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) increased $68.6 billion (0.4 percent) and personal consumption expenditures (PCE) increased $19.8 billion (0.1 percent).
The PCE price index increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.2 percent (table 9). Real DPI increased 0.3 percent in November and real PCE increased less than 0.1 percent; goods decreased 0.6 percent and services increased 0.3 percent (tables 5 and 7).
|Percent change from preceding month|
|Disposable personal income:|
|Chained (2012) dollars||0.5||0.1||0.0||0.4||0.3|
|Personal consumption expenditures (PCE):|
|Chained (2012) dollars||0.0||0.5||0.3||0.5||0.0|
|PCE, excluding food and energy||0.1||0.6||0.5||0.3||0.2|
|Price indexes:||Percent change from month one year ago|
|PCE, excluding food and energy||4.7||4.9||5.2||5.0||4.7|
The increase in current-dollar personal income in November primarily reflected increases in compensation and personal income receipts on assets (table 3). The increase in compensation reflected increases in private wages and salaries in both services-producing industries and goods-producing industries.
The $19.8 billion increase in current-dollar PCE in November reflected an increase of $79.2 billion in spending for services that was partly offset by a $59.5 billion decrease in spending for goods (table 3). Within services, the largest contributor to the increase was spending on housing. Within goods, spending on new motor vehicles (mainly new light trucks) was the leading contributor to the decrease. Detailed information on monthly PCE spending can be found on Table 2.3.5U.
Personal outlays increased $26.6 billion in November (table 3). Personal saving was $461.2 billion in November and the personal saving rate—personal saving as a percentage of disposable personal income—was 2.4 percent (table 1).
From the preceding month, the PCE price index for November increased 0.1 percent (table 9). Prices for goods decreased 0.4 percent and prices for services increased 0.4 percent. Food prices increased 0.3 percent and energy prices decreased 1.5 percent. Excluding food and energy, the PCE price index increased 0.2 percent. Detailed monthly PCE price indexes can be found on Table 2.3.4U.
From the same month one year ago, the PCE price index for November increased 5.5 percent (table 11). Prices for goods increased 6.1 percent and prices for services increased 5.2 percent. Food prices increased 11.2 percent and energy prices increased 13.6 percent. Excluding food and energy, the PCE price index increased 4.7 percent from one year ago.
In November, real PCE increased less than 0.1 percent, reflecting a decrease of 0.6 percent in spending on goods and an increase of 0.3 percent in spending on services (table 7). Within goods, spending on new motor vehicles was the leading contributor to the decrease. Within services, the largest contributor to the increase was spending on food services and accommodations. Detailed information on monthly real PCE spending can be found on Table 2.3.6U.
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 (2012) dollar DPI and PCE, are provided below.
|Change from preceding month|
|(Billions of dollars)||(Percent)||(Billions of dollars)||(Percent)|
|Disposable personal income:|
|Chained (2012) dollars||-3.6||2.8||0.0||0.0||56.4||52.8||0.4||0.4|
|Personal consumption expenditures:|
|Chained (2012) dollars||40.3||36.6||0.3||0.3||71.2||68.8||0.5||0.5|
* * *
Next release: January 27, 2023, at 8:30 a.m. EST
Personal Income and Outlays, December 2022
|Personal Income and Outlays Release Dates for 2023|
|December 2022||January 27, 2023|
|January 2023||February 24, 2023|
|February 2023||March 31, 2023|
|March 2023||April 28, 2023|
|April 2023||May 26, 2023|
|May 2023||June 30, 2023|
|June 2023||July 28, 2023|
|July 2023||August 31, 2023|
|August 2023||September 29, 2023|
|September 2023||October 27, 2023|
|October 2023||November 30, 2023|
|November 2023||December 22, 2023|