Personal income and spending in the U.S. both rose at the same rate in the month of November, according to a report released by the Commerce Department on Wednesday.
The report said personal income increased by 0.3 percent in November after climbing by 0.4 percent in October. Economists had expected income to edge up by 0.2 percent.
Disposable personal income, or personal income less personal current taxes, also climbed by 0.3 percent in November after rising by 0.4 percent in the previous month.
The Commerce Department said personal spending also rose by 0.3 percent in November, while revised data showed spending was unchanged in October. The increase in spending matched economist estimates.
The spending component of the report was inadvertently released last night, well ahead of the scheduled release this morning.
Real spending, which is adjusted to remove price changes, also rose by 0.3 percent in November after coming in unchanged in the previous month.
Even though income and spending rose at the same rate, the report said personal saving as a percentage of disposable personal income dipped to 5.5 percent in November from 5.6 percent in October.
On the inflation front, the Commerce Department said its personal consumption expenditures price index was unchanged in November after inching up by 0.1 percent in October. The annual rate of growth accelerated to 0.4 percent from 0.2 percent.
Core PCE prices, which exclude food and energy prices, ticked up by 0.1 percent in November after coming in flat in the previous month, while the annual rate of growth held at 1.3 percent.
The material has been provided by InstaForex Company – www.instaforex.com