Personal income in the United States rose by 0.3% in November compared to October, while personal spending increased by 0.4%.
Report informs, citing the US Department of Commerce, these figures fell short of analysts' expectations, which predicted a 0.4% rise in income and a 0.5% increase in spending, as reported by Bloomberg and Trading Economics.
The information also revealed that October's data had been revised, with income growth adjusted to 0.7% from the previously reported 0.6%, and spending growth revised to 0.3% from 0.4%.
The Personal Consumption Expenditures (PCE) index, a key measure of inflation, rose by 0.1% month-over-month and 2.4% year-over-year in November. Experts surveyed by Trading Economics had anticipated a 0.2% monthly increase and a 2.5% annual rise. In October, the PCE index grew by 0.2% month-over-month and 2.3% year-over-year.
The core PCE index, which excludes the volatile food and energy prices, increased by 0.1% month-over-month in November, following a 0.3% rise in the previous month. The Trading Economics consensus had predicted a 0.2% increase.
On an annual basis, the core PCE index growth remained at 2.8% in November, the highest level since April. This index is closely monitored by the Federal Reserve when assessing inflation risks. Analysts had forecast a 2.9% increase in the core PCE index.