WASHINGTON (TheStreet) -- Personal income increased by 0.4% in November compared with the previous month, the Commerce Department reported Wednesday, while spending increased by 0.5%.

Both metrics, however, came in slighly below expectations. Economists were forecasting a 0.5% rise in incomes and a 0.7% increase in spending.

Inflation appeared to remain in check. The price index for personal consumption expenditures -- excluding food and energy -- rose 1.4% year-over-year, the same rate registered in October. The core PCE index is a closely watched indicator of inflationary trends by the

Federal Reserve

.

The 0.4% rise personal income was the steepest since May, when the metric increased by 1.5%.

Personal saving as a percentage of disposable personal income was 4.7% for a second-straight month in November.

-Reported by Eric Rosenbaum in New York.

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