US personal income rises 0.4% in November, above expectations

By Ovunc Kutlu

ISTANBUL (AA) - Americans' personal income rose 0.4%, or $80.1 billion, in November from the previous month, according to figures released by the Commerce Department’s Bureau of Economic Analysis on Friday.

While the figure came above market expectations of a 0.3% increase, it was a slowdown from October's gain of 0.7%.

"The increase in current-dollar personal income in November primarily reflected increases in compensation and personal income receipts on assets," the agency said in a statement.

The increase in compensation reflected increases in private wages and salaries in both services-producing industries and goods-producing industries, it added.

Personal spending climbed 0.1%, or $19.8 billion, in November from the previous month.

The figure, however, came below market estimates of a 0.2% increase. The monthly gain in October was revised upwards to 0.9%, from 0.8%.

"Within services, the largest contributor to the increase was spending on housing. Within goods, spending on new motor vehicles (mainly new light trucks) was the leading contributor to the decrease," the statement said.