U.S. November Personal Income and Spending (Text)
Following is the text of the U.S. personal income report for Nov. from the Commerce Department.
PERSONAL INCOME AND OUTLAYS: NOVEMBER 2011
Personal income increased $8.5 billion, or 0.1 percent, and disposable personal income (DPI) decreased $5.0 billion, or less than 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. In October, personal income increased $47.2 billion, or 0.4 percent, DPI increased $27.2 billion, or 0.2 percent, and PCE increased $11.3 billion, or 0.1 percent, based on revised estimates.
Real disposable income decreased less than 0.1 percent in November, in contrast to an increase of 0.3 percent in October. Real PCE increased 0.2 percent in November, the same increase as in October.
Wages and salaries
Private wage and salary disbursements decreased $7.1 billion in November, in contrast to an increase of $37.2 billion in October. Goods-producing industries' payrolls decreased $6.7 billion, in contrast to an increase of $8.6 billion; manufacturing payrolls decreased $6.9 billion, in contrast to an increase of $6.8 billion. Services-producing industries' payrolls decreased $0.3 billion, in contrast to an increase of $28.5 billion. Government wage and salary disbursements increased $0.1 billion in November, the same increase as in October.
Other personal income
Supplements to wages and salaries increased $1.1 billion in November, compared with an increase of $4.4 billion in October.
Proprietors' income decreased $3.5 billion in November, compared with a decrease of $2.5 billion in October. Farm proprietors' income decreased $4.2 billion, compared with a decrease of $4.3 billion. Nonfarm proprietors' income increased $0.9 billion, compared with an increase of $1.7 billion.
Rental income of persons increased $8.9 billion in November, compared with an increase of $8.5 billion in October. Personal income receipts on assets (personal interest income plus personal dividend income) increased $6.4 billion, compared with an increase of $9.3 billion. Personal current transfer receipts increased $1.6 billion, in contrast to a decrease of $4.9 billion.
Contributions for government social insurance -- a subtraction in calculating personal income -- decreased $1.0 billion in November, in contrast to an increase of $5.0 billion in October.
Personal current taxes and disposable personal income
Personal current taxes increased $13.6 billion in November, compared with an increase of $19.9 billion in October. Disposable personal income (DPI) -- personal income less personal current taxes -- decreased $5.0 billion, or less than 0.1 percent, in November, in contrast to an increase of $27.2 billion, or 0.2 percent in October.
Personal outlays and personal saving
Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $13.1 billion in November, compared with an increase of $11.4 billion in October. PCE increased $13.1 billion, compared with an increase of $11.3 billion.
Personal saving -- DPI less personal outlays -- was $400.9 billion in November, compared with $419.1 billion in October. The personal saving rate -- personal saving as a percentage of disposable income -- was 3.5 percent in November, compared with 3.6 percent in October. For a comparison of personal saving in BEA's national income and product accounts with personal saving in the Federal Reserve Board's flow of funds accounts and data on changes in net worth, go to http://www.bea.gov/national/nipaweb/Nipa-Frb.asp.
Real DPI, real PCE and price index
Real DPI -- DPI adjusted to remove price changes -- decreased less than 0.1 percent in November, in contrast to an increase of 0.3 percent in October.
Real PCE -- PCE adjusted to remove price changes -- increased 0.2 percent in November, the same increase as in October. Purchases of durable goods increased 1.1 percent in November, compared with an increase of 1.3 percent in October. Purchases of nondurable goods decreased 0.1 percent, in contrast to an increase of 0.2 percent. Purchases of services increased 0.1 percent, in contrast to a decrease of less than 0.1 percent.
PCE price index -- 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, the same increase as in October.
Revisions
Estimates have been revised for July through October. Changes in personal income, current-dollar and chained (2005) dollar DPI, and current-dollar and chained (2005) dollar PCE for September and October -- revised and as published in last month's release.
Next release - January 30, 2012 at 8:30 A.M. EST for Personal Income and Outlays for December
SOURCE: U.S. Commerce Department. http://www.bea.gov
To contact the reporter on this story: Kristy Scheuble in Washington at kmckeaney@bloomberg.net
To contact the editor responsible for this story: Marco Babic at mbabic@bloomberg.net
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