by Bill McBride on 12/23/2011 08:30:00 AM
Friday, December 23, 2011
The BEA released the Personal Income and Outlays report for November:
Personal income increased $8.5 billion, or 0.1 percent ... in November, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $13.1 billion, or 0.1 percent in November.The following graph shows real Personal Consumption Expenditures (PCE) through November (2005 dollars). Note that the y-axis doesn't start at zero to better show the change.
Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in November ... The price index for PCE decreased less than 0.1 percent in November, compared with a decrease of 0.1 percent in October. The PCE price index, excluding food and energy, increased 0.1 percent in November
Click on graph for larger image.
PCE increased 0.1% in November, and real PCE increased 0.2%.
Note: The PCE price index, excluding food and energy, increased 0.1 percent.
The personal saving rate was at 3.5% in November.
Both personal income and spending were lower than expectations. Using the "two month" method to forecast real Q4 PCE growth suggests an increase of about 2.9% in Q4 - the strongest quarter this year.
Posted by Bill McBride on 12/23/2011 08:30:00 AM