Personal Income & Spending Growth Slow in November

The US Department of Commerce has released its report on personal income and spending for November, and US workers saw an income gain of just 0.1% in the month. Personal spending also rose by just 0.1%. Analysts were expected a gain of 0.2% in each category.

November’s low income growth included a decline of $7.1 billion salaries and wages paid, compared with an increase of $37.2 billion in October, when personal income growth reached 0.4%. The personal savings rate also declined by 0.1%, from 3.6% in October to 3.5% in November.

On the plus side, the personal consumption expenditure inflation rate fell 0.1%, the same as in October, and the price index rose just 0.1%, again the same as in October.