Keeping you up to date on the latest data releases.
- Personal Income
Nominal personal income increased at a non-annualized rate of 0.6 percent in November, and has increased 4.1 percent over the last twelve months. The improvement in November follows increases of 0.4 and 0.1 percent in September and October, respectively. Disposable personal income (DPI)—personal income less current taxes—increased 0.6 percent in November as well, following increases of 0.4 percent in September and 0.1 percent in October, and is up 4.0 percent since last year. After controlling for price changes, “real” disposable personal income increased 0.8 percent during the month, which is the largest one-month improvement since January 2011. This month’s release also included revisions to the third quarter estimates, which showed that real disposable personal income was essentially flat from July through September. However, the current three-month average growth rate is at 0.3 percent, largely due to the November increase. On a year-over-year basis, “real” DPI is up 2.5 percent, the highest twelve month increase since March of last year. “Real” personal consumption expenditures increased 0.6 percent in November, following a 0.2 percent decline in October, and have increased 2.1 percent over the past twelve months. During November, consumption of durable goods increased 2.6 percent, while consumption of both non-durable goods and services both increased 0.3 percent. The current near-term (three-month) average growth rate in consumption is at 0.3 percent, similar to a 0.2 percent average improvement during the third quarter. As a percentage of disposable personal income, the personal savings rate increased from 3.4 percent in October to 3.6 percent in November.