Americans spend at steady clip in November, PCE prices miss forecasts
By Alexander Bueso
Date: Friday 20 Dec 2024
(Sharecast News) - Americans continued to spend at a steady clip last month, while prices rose by a tad less than anticipated.
According to the US Department of Commerce, in seasonally adjusted terms, personal incomes rose at a month-on-month clip of 0.3% during the month of November (consensus: 0.4%).
Personal spending meanwhile increased by 0.4% (consensus: 0.5%).
On the inflation front, the annual rate of increase in the price deflator for personal consumption expenditures ticked higher from 2.3% to 2.4%.
Core PCE prices meanwhile were steady at 2.8% year-on-year (consensus: 2.9%).
The prior month's increase in personal incomes was revised up by a tenth of a percentage point to 0.7%, while spending was marked down by the same magnitude to 0.3%.
Incomes and spending for September were both revised higher by one tenth of a percentage point to 0.4% and 0.7%, respectively.
The personal saving rate dipped from 4.5% in October to 4.4% for November.
-- More to follow --
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