Americans are making more and spending more, according to a November Personal Income and Outlays report (link opens as pdf) released today by the Commerce Department.
After dipping 0.1% for October, personal income advanced $30.1 billion (0.2%) at seasonally adjusted annual rates, although analysts had expected a stronger 0.5% gain.
Wages and salaries improved across the board, with goods-producing industries, manufacturing, services companies, and governments all reporting payroll increases.
For the same period, personal spending increased $63 billion (0.5%), matching analyst expectations exactly.
In a potential sign of longer-term economic optimism, durable goods spending bumped up 2.2% for November. Following a 1.2% gain in October, more than half of this latest spending came from motor vehicles and parts.
Compared to November 2012, disposable personal income is up 0.6%, while personal spending is up 2.6%, boosted largely by a 7.8% increase in durable goods spending.
