Income and Spending Jump in November

Personal income picked up the pace a little in November, rising 0.4%, according to the Commerce Department.  That followed a 0.3% rise in October.  Real consumer spending rose 0.7%. That may not be enough to please retailers who base a lot of their revenue goals on holiday shopping in a shopping season that seems to start earlier every year, but it is a big jump on the 0.2% rise in October.

From the Bureau of Economic Analysis release:

Private wages and salaries increased $38.7 billion in November, compared with an increase of $24.9 billion in October. Goods-producing industries' payrolls increased $7.3 billion in November, the same increase as in October. Manufacturing payrolls increased $3.9 billion in November, compared with an increase of $4.6 billion in October. Services-producing industries' payrolls increased $31.5 billion, compared with an increase of $17.6 billion. Government wages and salaries increased $1.8 billion, compared with an increase of $1.2 billion.

Read the BEA's full report here.