U.S. personal income was flat in November. Spending rose 0.2%
U.S. personal income was flat in November. Spending rose 0.2%. October's 0.6% climb in income was revised down to 0.5%. The 0.3% October spending gain was nudged up to 0.4%. Income was a little shy of expectations, while consumption was a little stronger than forecast. Wage and salary income posted a 0.1% November decline from 0.5% previously. Disposable income was unchanged last month after rising 0.5% in October (revised from 0.6%). The savings rate fell to 5.5% from 5.7% (revised from 6.0%). The PCE chain price index, one of the FOMC's favorite price indicators, along with the core rate, were unchanged on the month. The prior 0.2% headline gain was nudged up to 0.3%.. The 0.1% October core gain was unrevised. On an annual basis, the headline price index was steady at 1.4% y/y, with the core slipped to 1.6% from a revised 1.8% pace previously (revised from 1.7% y/y). This is the strongest annual increase in the core since October 2012.