Market Updates
PCE Price Index Slows, Personal Income and Outlays Rise In November
Brian Turner
22 Dec, 2023
New York City
Personal income increased 0.4% from the previous month to $81.6 billion in November, according to estimates released Friday by the Bureau of Economic Analysis.
Disposable personal income, or personal income less personal current taxes, increased by 0.4% to $71.9 billion, and personal consumption expenditures (PCE) increased by 0.2% to $46.7 billion.
Personal outlays, the sum of PCE, personal interest payments, and personal current transfer payments, increased $47.8 billion in November.
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%.
The PCE price index, an alternative measure of inflation preferred by policymakers, cooled more than expected.
The PCE price index decreased by 0.1%, and excluding food and energy, the PCE price index increased by 0.1% from the previous month, respectively.
The PCE price index declined to the lowest level since February 2021, to 2.6% from 2.9% in October, and the core PCE price index eased to 3.2% from 3.4% in the previous month, the lowest since mid-2021.
Real DPI increased 0.4% in November, and real PCE increased 0.3%; goods increased 0.5%, and services increased 0.2%.
The Federal Reserve, in its latest assessment on December 13, estimated the PCE price index at 2.8% and the core PCE price index at 3.2% in 2023.
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