Personal income decreased 1.8 billion (1.1 percent) in November according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) decreased 8.0 billion (1.2 percent) and personal consumption expenditures (PCE) decreased .3 billion (0.4 percent). Real DPI decreased 1.3 percent in November and Real PCE decreased 0.4 percent (tables 5 and 7). The PCE price index had no change. Excluding food and energy, the PCE price index had no change (table 9). 2020 July Aug. Sept. Oct. Nov. Percent change from preceding month Personal income: Current dollars 0.9 -2.6 0.8 -0.6 -1.1 Disposable personal income: Current dollars 0.8 -3.1 0.8 -0.7 -1.2
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Personal income decreased $221.8 billion (1.1 percent) in November according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) decreased $218.0 billion (1.2 percent) and personal consumption expenditures (PCE) decreased $63.3 billion (0.4 percent).
Real DPI decreased 1.3 percent in November and Real PCE decreased 0.4 percent (tables 5 and 7). The PCE price index had no change. Excluding food and energy, the PCE price index had no change (table 9).
|Percent change from preceding month|
|Disposable personal income:|
|Chained (2012) dollars||0.5||-3.3||0.6||-0.8||-1.3|
|Personal consumption expenditures (PCE):|
|Chained (2012) dollars||1.2||0.9||1.1||0.3||-0.4|
|PCE, excluding food and energy||0.3||0.3||0.2||0.0||0.0|
|Price indexes:||Percent change from month one year ago|
|PCE, excluding food and energy||1.3||1.4||1.5||1.4||1.4|
COVID-19 Impact on November 2020 Personal Income and Outlays
The decrease in personal income in November primarily reflected decreases in proprietors’ income (both nonfarm and farm) and government social benefits that were partly offset by an increase in compensation (table 3).
- Within nonfarm proprietors’ income, the decrease reflected a decline in Paycheck Protection Program loans to businesses.
- The decrease in farm proprietors’ income reflected a decrease in payments under the Coronavirus Food Assistance Program related to supporting farmers and ranchers impacted by COVID-19 as well as a decline in Paycheck Protection Program loans to businesses.
- Within government social benefits, “other” social benefits decreased, which primarily reflected a decrease in Lost Wages Supplemental Payments, a Federal Emergency Management Agency program that provides wage assistance to individuals impacted by the pandemic.
- Within compensation, the main contributor was an increase in wages and salaries in service-producing industries.
The $58.5 billion decrease in real PCE in November reflected decreases of $53.7 billion in spending for goods and $12.1 billion in spending for services (table 7). Within goods, the leading contributors to the decrease were spending for clothing and footwear as well as motor vehicles and parts (mainly new motor vehicles). A notable offset was an increase in spending for food and beverages purchased for offpremises consumption. Within services, the decrease primarily reflected decreases in spending for food services and accommodations as well as in household utilities (electricity and gas). Detailed information on monthly real PCE spending can be found on Table 2.3.6U.
Personal outlays decreased $66.8 billion in November (table 3). Personal saving was $2.22 trillion in November and the personal saving rate—personal saving as a percentage of disposable personal income—was 12.9 percent (table 1).
Updates to Personal Income and Outlays
Estimates have been updated for September and October. Revised and previously published changes from the preceding month for current-dollar personal income, and for current-dollar and chained (2012) dollar DPI and PCE, are shown below.
|Change from preceding month|
|(Billions of dollars)||(Percent)||(Billions of dollars)||(Percent)|
|Disposable personal income:|
|Chained (2012) dollars||91.5||92.6||0.6||0.6||-120.7||-121.1||-0.8||-0.8|
|Personal consumption expenditures:|
|Chained (2012) dollars||136.2||145.4||1.1||1.1||63.5||38.9||0.5||0.3|
* * *
Next release: January 29, 2021, at 8:30 A.M. EST
Personal Income and Outlays, December 2020
* * *
|Personal Income and Outlays
Release Dates for 2021
|December 2020||January 29, 2021|
|January 2021||February 26, 2021|
|February 2021||March 26, 2021|
|March 2021||April 30, 2021|
|April 2021||May 28, 2021|
|May 2021||June 25, 2021|
|June 2021||July 30, 2021|
|July 2021||August 27, 2021|
|August 2021||October 1, 2021|
|September 2021||October 29, 2021|
|October 2021||November 24, 2021|
|November 2021||December 23, 2021|