The Economics and Statistics Division maintains archives of previous publications for accountability purposes, but makes no updates to keep these documents current with the latest data revisions from Statistics Canada. As a result, information in older documents may not be accurate. Please exercise caution when referring to older documents. For the latest information and historical data, please contact the individual listed to the right.
<--- Return to Archive
For additional information relating to this article, please contact:
December 22, 2023US PERSONAL INCOME AND OUTLAY, NOVEMBER 2023 Month over month (November 2023 vs October 2023, seasonally adjusted)
The US Bureau of Economic Analysis reported that US personal income increased by $61.6 billion (+0.35%) from October to November. Employee compensation was up $87.0 billion (+0.60%). Personal disposable income was up $72.00 billion (+0.35%) while personal consumption expenditures (PCE) grew by $46.70 billion (+0.25%).
US personal savings increased by $24.10 billion (2.95%) in November.
US personal income is calculated as the sum of employee compensation ($14.52 trillion), proprietors' income ($1.88 trillion), rental income ($1.00 trillion), receipts on assets ($3.66 trillion) and current transfers received ($4.07 trillion), less contributions to social insurance programs ($1.83 trillion). Personal income ($23.29 trillion) less personal current taxes ($2.78 trillion) equals disposable income ($20.51 trillion).
The outlay of US personal disposable income consists of personal consumption expenditures ($18.86 trillion), interest payments ($0.56 trillion) and current transfers paid ($0.25 trillion) with personal savings ($0.84 trillion) accounting for the remaining amount.
Trends
In November, US personal consumption expenditures growth was lower than growth in personal income.
Growth in the price index for personal consumption expenditures was down to +3.2% year-over-year in November. Year-over-year growth in the price index for all items excluding food and energy declined to 2.6%, but outpaced all items PCE inflation for the nineth consecutive month.
With growth in income outpacing consumption expenditures growth the US personal savings rate rose to 4.1% of disposable personal income.
Year-to-date (January-November 2023 vs January-November 2022)
Through the first eleven months of the year, US personal income has increased by 5.2% with gains from all income sources led by growth in rental income (+10.4%). With an 12.7% decline in personal current taxes, year-to-date growth in personal disposable income (+8.2) has outpaced growth in total personal income.
US personal consumption expenditures increased by 6.0% year-to-date in 2023, but this was outpaced by a 54.2% increase in interest payments as well as a 48.6% increase in year-to-date personal savings.
Through the first eleven months of the year, US personal income amounted to $252.2 trillion, consisting of $156.35 trillion in employee compensation, $20.29 trillion in proprietors' income, $10.63 trillion in rental income, $39.67 trillion in receipts on assets and $45.09 trillion in current transfer receipts, less $19.80 trillion in social insurance contributions. After paying $30.22 trillion in personal current taxes, US personal disposable income was $222.01 trillion.
US personal consumption expenditures of $203.78 trillion accounted for the largest part of personal outlays, followed by $5.40 trillion in interest payments, $2.69 trillion in current transfers paid and $10.14 trillion in personal savings.
US Bureau of Economic Analysis. Press release, November 2023; Data retrieved Federal Bank of St Louis, Table 2.6. Personal Income and Its Disposition, Monthly NIPA using a FRED API.
<--- Return to Archive
