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Last Update: 23-Dec-11 09:48 ET
Personal Income and Spending Rise in November
Personal income increased 0.1% in November after increasing 0.4% in October. The Briefing.com consensus expected personal income to increase 0.2%.
As expected, a drop in hourly earnings completely offset the November payroll gain and led to no earnings growth. That showed up in the income data as employee compensation and proprietors' income fell 0.1% in November.
Personal spending increased a modest 0.1% for the second consecutive month. The consensus expected spending to increase 0.2%.
Durable goods orders increased 0.8% in November as motor vehicle sales rose 0.8%. Nondurable goods orders fell 0.3% on a 2.9% drop in gasoline and energy goods sales.
Services consumption increased 0.1%.
As expected, a drop in hourly earnings completely offset the November payroll gain and led to no earnings growth. That showed up in the income data as employee compensation and proprietors' income fell 0.1% in November.
Personal spending increased a modest 0.1% for the second consecutive month. The consensus expected spending to increase 0.2%.
Durable goods orders increased 0.8% in November as motor vehicle sales rose 0.8%. Nondurable goods orders fell 0.3% on a 2.9% drop in gasoline and energy goods sales.
Services consumption increased 0.1%.
