Personal Income and Outlays, November 2015

Historical release narrative reproduced from the official public-domain U.S. Bureau of Economic Analysis source. Statistical tables, charts, standard technical appendices and administrative material are omitted; formatting is adapted for reading. Figures retain the release's original vintage and may have been revised. Consult the linked source for the complete release and current data.

Personal income increased $44.4 billion, or 0.3 percent, and disposable personal income (DPI) increased $34.5 billion, or 0.3 percent, in November, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $40.1 billion, or 0.3 percent. In October, personal income increased $66.9 billion, or 0.4 percent, DPI increased $54.0 billion, or 0.4 percent, and PCE increased $3.8 billion, or less than 0.1 percent, based on revised estimates.

Real DPI increased 0.2 percent in November, compared with an increase of 0.3 percent in October. Real PCE increased 0.3 percent, in contrast to a decrease of less than 0.1 percent.

______________________________________________________________________________________________________________________ There was an inadvertent early release of some of BEA’s personal consumption expenditure data for November as well as for previous months via BEA’s API (application programming interface). Because some data were inadvertently released ahead of the official release time, BEA immediately released the data that were affected, consistent with our protocol at 7:50 pm EST. Those data cover current dollar personal consumption expenditure statistics for July through November as well as current dollar breakouts for goods, durables, nondurables, and services.

Compensation

Wages and salaries increased $37.1 billion in November, compared with an increase of $47.2 billion in October. Private wages and salaries increased $34.4 billion, compared with an increase of $45.7 billion. November wages and salaries include $11.6 billion (at an annual rate) in bonuses for United Auto Workers employees associated with the ratification of their contract. Government wages and salaries increased $2.8 billion in November, compared with an increase of $1.5 billion in October.

Supplements to wages and salaries increased $6.3 billion in November, compared with an increase of $6.5 billion in October.

Other personal income

Proprietors' income increased $1.6 billion in November, compared with an increase of $5.5 billion in October. Farm proprietors' income decreased $0.9 billion in November, the same decrease as in October. Nonfarm proprietors' income increased $2.5 billion in November, compared with an increase of $6.5 billion in October.

Rental income of persons increased $5.7 billion in November, compared with an increase of $5.1 billion in October. Personal income receipts on assets (personal interest income plus personal dividend income) decreased $9.7 billion, in contrast to an increase of $0.2 billion. Personal current transfer receipts increased $8.1 billion, compared with an increase of $8.0 billion.

Contributions for government social insurance -- a subtraction in calculating personal income -- increased $4.7 billion in November, compared with an increase of $5.8 billion in October.

Personal current taxes and disposable personal income

Personal current taxes increased $9.9 billion in November, compared with an increase of $12.9 billion in October. Disposable personal income (DPI) -- personal income less personal current taxes -- increased $34.5 billion, or 0.3 percent, compared with an increase of $54.0 billion, or 0.4 percent.

Personal outlays and personal saving

Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $44.0 billion in November, compared with an increase of $7.5 billion in October. PCE increased $40.1 billion, compared with an increase of $3.8 billion.

Personal saving -- DPI less personal outlays -- was $747.6 billion in November, compared with $757.0 billion in October. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.5 percent, compared with 5.6 percent. For a comparison of personal saving in BEA's national income and product accounts with personal saving in the Federal Reserve Board's Financial Accounts of the United States and data on changes in net worth, go to www.bea.gov/national/nipaweb/nipa-frb.asp.

Real DPI, real PCE, and price index

Real DPI -- DPI adjusted to remove price changes -- increased 0.2 percent in November, compared with an increase of 0.3 percent in October.

Real PCE -- PCE adjusted to remove price changes -- increased 0.3 percent in November, in contrast to a decrease of less than 0.1 percent in October. Purchases of durable goods increased 1.1 percent, in contrast to a decrease of 0.1 percent. Purchases of nondurable goods increased 0.9 percent, in contrast to a decrease of 0.1 percent. Purchases of services decreased less than 0.1 percent, in contrast to an increase of less than 0.1 percent.

The price index for PCE increased less than 0.1 percent in November, compared with an increase of 0.1 percent in October. The PCE price index, excluding food and energy, increased 0.1 percent, compared with an increase of less than 0.1 percent.

The November PCE price index increased 0.4 percent from November a year ago. The November PCE price index, excluding food and energy, increased 1.3 percent from November a year ago.

Revisions

Estimates have been revised for July through October. Changes in personal income, in current-dollar and chained (2009) dollar DPI, and in current-dollar and chained (2009) dollar PCE for September and for October -- revised and as published in last month's release -- are shown below.