Personal consumption expenditures (PCE) increased $87.1 billion or 0.6 percent. Spending on nondurables went up 1.2 percent, recovering from a 0.1 percent drop in October and spending on services rose 0.6 percent after a 0.2 percent gain. In contrast, consumption of durables was flat after rising 0.3 percent.
Real PCE went up $49 billion or 0.4 percent after being flat in October. It mainly reflected an increase of $22.3 billion in spending for goods and a $27.6 billion increase in spending for services. Within goods, recreational goods and vehicles was the leading contributor to the increase. Within services, the largest contributor to the increase was spending for electricity and gas.
Personal income increased $54.0 billion or 0.3 percent in November, slowing from a 0.4 percent rise in October and below expectations of a 0.4 percent gain. Personal outlays increased $91.7 billion and personal saving was $426.2 billion in November. The personal saving rate, personal saving as a percentage of disposable personal income, was 2.9 percent, the lowest since November of 2007.
Disposable personal income (DPI) increased $50.9 billion or 0.4 percent and real DPI edged up 0.1 percent.
The personal consumption expenditures (PCE) price index increased 0.2 percent after a 0.1 percent rise in October. Excluding food and energy, PCE prices edged up 0.1 percent in November after gaining 0.2 percent in October. On the year, the PCE price index went up 1.8 percent and the core one increased 1.5 percent. The so-called core PCE price index is the Fed's preferred inflation gauge, targeted at 2 percent.