The U.S. Bureau of Economic Analysis reports that personal income increased $54.4 billion, or 0.4%, and disposable personal income (DPI) increased $42.4 billion, or 0.3%, last month. Furthermore, personal consumption expenditures (PCE) rose $67.9 billion, or 0.6%. The month before, personal income rose $49.8 billion, or 0.3%, DPI increased $39.7 billion, or 0.3%, and PCE increased $31.3 billion, or 0.3%, based on updated estimates.
Key findings:
Private wages and salaries increased. The bureau found that private wages and salaries rose $38.7 billion last month, compared with an increase of
$24.9 billion in October. The payroll for industries that produce goods increased $7.3 billion in November, remaining the same as in October. Manufacturing payrolls rose $3.9 billion last month, compared with an increase of $4.6 billion in October. Payrolls for the services industries rose $31.5 billion, compared with a spike of $17.6 billion.Other personal income rose. Supplements to wages and salaries rose $5.4 billion last month, compared with an increase of $4.3 billion in October. Income for the self-employed rose $7.6 billion in November, compared with an increase of $18.8 billion in October.
Rental income is on the rise. Landlords are seeing more profit. Income increased $0.5 billion in November, compared with an increase of $0.8 billion one month prior.
For additional report findings, visit the Bureau of Economic Analysis website.