US personal income, spending rise in November in line with estimates

US personal income, spending rise in November in line with estimates

Fed's preferred inflation indicator PCE price index up 5.7% year-on-year, highest since 1982

By Ovunc Kutlu

ANKARA (AA) - Personal income and spending in the US increased in November, coming in line with market estimates, according to the Commerce Department's Bureau of Economic Analysis report on Thursday.

In November, personal income increased $90.4 billion, 0.4%, from the previous month, after rising 0.5% in October.

Personal spending increased $104.7 billion, or 0.6%, in November from the month before. The October figure was revised up to 1.4%, from 1.3%.

The personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred inflation indicator, increased 0.6% in November. Core PCE price index, excluding food and energy, rose 0.5% from the previous month.

PCE price index soared 5.7% annually, marking its fastest rise since July 1982, while the core PCE price index gained 4.7% year-on-year.

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