Personal income in the U.S. came in nearly flat in the month of November, according to a report released by the Commerce Department on Thursday.
The Commerce Department said personal income inched up by less than a tenth of a percent in November after climbing by a revised 0.5 percent in October.
Economists had expected income to rise by 0.3 percent compared to the 0.6 percent increase originally reported for the previous month.
Disposable personal income, or personal income less personal current taxes, edged down by less than a tenth of a percent in November after rising by 0.5 percent in October.
Meanwhile, the report said personal spending rose by 0.2 percent in November after climbing by an upwardly revised 0.4 percent in the previous month.
Spending had been expected to increase by 0.3 percent, which would have matched the growth originally reported for October.
Real spending, which is adjusted to remove price changes, inched up by 0.1 percent for the second consecutive month.
With spending rising and income nearly flat, personal saving as a percentage of disposable personal income, dipped to 5.5 percent in November from 5.7 in October.
A reading on inflation said to be preferred by the Federal Reserve showed that core consumer prices were up 1.6 percent year-over-year in November compared to the 1.8 percent growth seen in October.
by RTT Staff Writer
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