WASHINGTON — Personal income rose $85.8 billion or 0.6% in November following a revised 0.1% increase in October, while personal spending climbed $41.3 billion or 0.4%, the Commerce Department reported Friday.
The October income figure was originally reported as virtually unchanged, while the spending figure was originally reported as a 0.2% decline.
Economists polled by Thomson Reuters undershot the mark when they estimated that personal income would rise 0.3% in November, but hit the bull's eye and by predicting a 0.4% spending advance.
Disposable personal income increased $74.7 billion, or 0.6% in November, following a gain of 0.1% in October. Real disposable income, which is adjusted to remove price changes, rose 0.8% after declining 0.1% the previous month.
The core PCE, which excludes food and energy, rose slightly after climbing 0.1% in October.