News Release

EMBARGOED UNTIL RELEASE AT 10:00 A.M. EST, Friday, December 20, 2019
BEA 19-70

Personal Income and Outlays, November 2019

Personal income increased $101.7 billion (0.5 percent) in November according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $87.7 billion (0.5 percent) and personal consumption expenditures (PCE) increased $64.9 billion (0.4 percent).

Real DPI increased 0.4 percent in November, and real PCE increased 0.3 percent. The PCE price index increased 0.2 percent. Excluding food and energy, the PCE price index increased 0.1 percent.

  2019
Jul. Aug. Sep. Oct. Nov.
Percent change from preceding month
Personal income:  
     Current dollars 0.1 0.5 0.3 0.1 0.5
Disposable personal income:  
     Current dollars 0.3 0.6 0.4 0.0 0.5
     Chained (2012) dollars 0.0 0.6 0.4 -0.2 0.4
Personal consumption expenditures (PCE):  
     Current dollars 0.5 0.3 0.2 0.3 0.4
     Chained (2012) dollars 0.3 0.2 0.2 0.1 0.3
Price indexes:  
     PCE 0.2 0.0 0.0 0.2 0.2
     PCE, excluding food and energy 0.2 0.1 0.1 0.1 0.1
Price indexes: Percent change from month one year ago
     PCE 1.4 1.4 1.3 1.4 1.5
     PCE, excluding food and energy 1.6 1.8 1.7 1.7 1.6

The increase in personal income in November primarily reflected increases in compensation of employees, farm proprietors’ income, and personal interest income (table 3).

The $37.8 billion increase in real PCE in November reflected an increase of $22.6 billion in spending for goods and a $17.1 billion increase in spending for services (table 7). Within goods, spending on new motor vehicles was the leading contributor. Within services, spending on health care was the leading contributor. Detailed information on monthly real PCE spending can be found in Table 2.3.6U.

Personal outlays increased $68.6 billion in November (table 3). Personal saving was $1.31 trillion in November and the personal saving rate, personal saving as a percentage of disposable personal income, was 7.9 percent (table 1).

Updates to Personal Income and Outlays

Estimates have been updated for July through October. Revised and previously published changes from the preceding month for current-dollar personal income, and for current-dollar and chained (2012) dollar DPI and PCE, are shown below.

  Change from preceding month
September October
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal income:  
     Current dollars 51.8 54.7 0.3 0.3 3.3 23.1 0.0 0.1
Disposable personal income:  
     Current dollars 56.4 60.4 0.3 0.4 -12.6 5.9 -0.1 0.0
     Chained (2012) dollars 52.4 55.4 0.3 0.4 -39.4 -30.9 -0.3 -0.2
Personal consumption expenditures:  
     Current dollars 32.0 25.4 0.2 0.2 39.7 51.3 0.3 0.3
     Chained (2012) dollars 30.0 23.6 0.2 0.2 11.3 14.5 0.1 0.1

Personal Income and Outlays Release Dates for 2020

December 2019

- January 31

April 2020

- May 29

August 2020

- October 1

January 2020

- February 28

May 2020

- June 26

September 2020

- October 30

February 2020

- March 27

June 2020

- July 31

October 2020

- November 25

March 2020

- April 30

July 2020

- August 28

November 2020

- December 23

Next release: January 31, 2020 at 8:30 A.M. EST
Personal Income and Outlays: December 2019