Personal income increased 0.3% MoM in November, below expectations of an 0.4% MoM increase. Wage and salary growth was still robust however, at 0.6% MoM, the strongest since March. The main drag on income growth was a -0.1% MoM drop in receipts on assets.

Personal spending increased 0.4% MoM, below expectations of 0.5% MoM. Goods spending bounced back, up 0.8% MoM, supported by strong spending on autos. Services spending was up just 0.2% MoM, the weakest since August 2023.

The PCE price index and the core PCE price index increased just 0.1% MoM each both falling short of expectations of a 0.2% MoM. The annual rates also fell short of expectations by 0.1 ppts at 2.4% YoY and 2.8% YoY respectively. Goods prices were flat on the month, and services prices were up just 0.2% MoM. Market-based core PCE inflation was unchanged at 2.4% YoY for the third straight month.