In November, people in the United States earned more money and spent a little bit more money. Personal income increased by 0.4% or $80.1 billion, and people spent $19.8 billion on things like goods and services, which is a 0.1% increase. This means that overall, people had more disposable income (income that is available to be used for spending or saving after taxes have been paid) and they used some of it to buy a little bit more goods and services.
The prices of the goods and services that people bought increased by 0.1%. This means that on average, things cost a little bit more in November than they did in October. However, when you look at the prices of goods and services over the past year, they have actually gone up by 5.5%. This is because prices tend to increase gradually over time, due to factors like inflation.
People spent more money on certain types of goods and services in November. For example, they spent more on housing services. However, they spent less on things like new motor vehicles (especially new light trucks).
Overall, people saved $461.2 billion in November, which is 2.4% of their disposable income. This means that they didn't spend all of their income, and they put some of it aside for the future.
When it comes to prices, there were some specific things that went up and some things that went down. From the previous month, the overall price level increased by 0.1%. Prices for goods decreased by 0.4%, with prices for durable goods (like cars and furniture) going down and prices for nondurable goods (like food and clothes) staying about the same. Prices for services increased by 0.4%, with housing services being the main driver of the increase. Food prices overall increased by 0.3% and energy prices (like gasoline) decreased by 1.5%. When you exclude food and energy from the calculation, the overall price level increased by 0.2%.
Looking at the past year, prices have increased by 5.5%. Prices for goods have gone up by 6.1% and prices for services have gone up by 5.2%. Within the category of goods, prices for durable goods have increased by 7.9% and prices for nondurable goods have increased by 4.2%. Within the category of services, prices for healthcare have increased the most, by 6.6%, followed by housing services, which have increased by 5.8%. Prices for financial services have actually decreased by 0.2%.
Summary:
- Personal income: increased by 0.4% or $80.1 billion
- Spending on goods and services (PCE): increased by 0.1% or $19.8 billion
- Prices of goods and services: increased by 0.1%
- Savings: $461.2 billion, or 2.4% of disposable income
- Prices over the past year: increased by 5.5%
- Prices for goods: increased by 6.1%
- Prices for services: increased by 5.2%
- Prices for healthcare: increased by 6.6%
- Prices for housing services: increased by 5.8%
- Prices for financial services: decreased by 0.2%
Leave a Reply