Personal Income Rises In November
NEW YORK (
) --Personal income and spending continued to rise in November, although at a slower pace, according to the latest report from the Commerce Department.
The Bureau of Economic Analysis report said personal income grew 0.3% in November after rising 0.4% in October. Consensus had been for personal incomes to rise 0.2%, according to Briefing.com.
Personal spending rose 0.4% after rising 0.7% in October. Consensus had expected personal spending to rise by a higher 0.5%.
The Personal Consumption Expenditure Price Index, a gauge of inflation, rose 0.1% in November after rising 0.2% previously. Excluding food and energy, the PCE Price Index increased 0.1% compared with an increase of less than 0.1% previously.
Over one year, the index is up 1%, in yet another sign that inflation levels remain subdued.
The
Fed
would prefer for inflation to be closer to 2%.
--Written by Shanthi Bharatwaj in New York
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