Personal Consumption Expenditures

The increase in current-dollar personal income in November primarily reflected an increase in compensation that was partly offset by decreases in personal income receipts on assets and personal current transfer receipts (table 2).

The $81.3 billion increase in current-dollar PCE in November reflected an increase of $48.3 billion in spending for goods and an increase of $33.0 billion in spending for services (table 2). Within goods, the largest contributors to the increase were motor vehicles and parts (led by new motor vehicles) and recreational goods and vehicles (led by video, audio, photographic and information processing equipment and media). Within services, the largest contributors to the increase were spending for financial services and insurance (led by financial service charges, fees, and commissions); recreation services (led membership clubs, sports centers, parks, theaters and museums as well as gambling); and health care (led by hospitals). 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 $78.2 billion in November (table 2). Personal saving was $968.1 billion in November and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.4 percent (table 1).

Prices

From the preceding month, the PCE price index for November increased 0.1 percent (table 5). Prices for goods increased less than 0.1 percent and prices for services increased 0.2 percent. Food prices increased 0.2 percent and energy prices also increased 0.2 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 2.4 percent (table 7). Prices for goods decreased 0.4 percent and prices for services increased 3.8 percent. Food prices increased 1.4 percent and energy prices decreased 4.0 percent. Excluding food and energy, the PCE price index increased 2.8 percent from one year ago.

Real PCE

The 0.3 percent increase in real PCE in November reflected an increase of 0.7 percent in spending on goods and an increase of 0.1 percent in spending on services (table 4). Within goods, the largest contributors to the increase were recreational goods and vehicles (led by video, audio, photographic and information processing equipment and media) and motor vehicles and parts (led by new motor vehicles). Within services, the largest contributors to the increase were recreation services (led by gambling as well as membership clubs, sports centers, parks, theaters and museums). Detailed information on monthly real PCE spending can be found on Table 2.4.6U.