Personal Income and Outlays, November 2023

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 $81.6 billion (0.4 percent at a monthly rate) in November, according to estimates released today by the Bureau of Economic Analysis (tables 2 and 3). Disposable personal income (DPI), personal income less personal current taxes, increased $71.9 billion (0.4 percent) and personal consumption expenditures (PCE) increased $46.7 billion (0.2 percent).

The PCE price index decreased 0.1 percent. Excluding food and energy, the PCE price index increased 0.1 percent (table 5). Real DPI increased 0.4 percent in November and real PCE increased 0.3 percent; goods increased 0.5 percent and services increased 0.2 percent (tables 3 and 4).

The increase in current-dollar personal income in November primarily reflected increases in compensation and personal income receipts on assets that were partly offset by a decrease in personal current transfer receipts (table 2).

The $46.7 billion increase in current-dollar PCE in November reflected an increase of $58.8 billion in spending for services and a decrease of $12.1 billion in spending for goods (table 2). Within services, the largest contributors to the increase were housing and utilities (led by housing) and food services and accommodations (led by purchased meals and beverages). Within goods, the leading contributor to the decrease was gasoline and other energy goods (led by motor vehicle fuels, lubricants, and fluids). Detailed information on monthly PCE spending can be found on Table 2.4.5U.

Personal outlays, the sum of PCE, personal interest payments, and personal current transfer payments, increased $47.8 billion in November (table 2). Personal saving was $839.8 billion in November and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.1 percent (table 1).

Prices

From the preceding month, the PCE price index for November decreased 0.1 percent (table 5). Prices for goods decreased 0.7 percent and prices for services increased 0.2 percent. Food prices decreased 0.1 percent and energy prices decreased 2.7 percent. Excluding food and energy, the PCE price index increased 0.1 percent. Detailed monthly PCE price indexes can be found on Table 2.4.4U.

From the same month one year ago, the PCE price index for November increased 2.6 percent (table 7). Prices for services increased 4.1 percent and prices for goods decreased 0.3 percent. Food prices increased 1.8 percent and energy prices decreased 6.0 percent. Excluding food and energy, the PCE price index increased 3.2 percent from one year ago.

Real PCE

The 0.3 percent increase in real PCE in November reflected an increase of 0.5 percent in spending on goods and an increase of 0.2 percent in spending on services (table 4). Within goods, the leading contributors to the increase were recreational goods and vehicles (led by information processing equipment), clothing and footwear, as well as furnishings and durable household equipment. Within services, the leading contributor to the increase was food services and accommodations (led by purchased meals and beverages). Detailed information on monthly real PCE spending can be found on Table 2.4.6U.

Updates to Personal Income and Outlays

Estimates have been updated for July through October. Revised and previously published changes from the preceding month for current-dollar personal income, and for current-dollar and chained (2017) dollar DPI and PCE, are provided below for September and October.