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For additional information relating to this article, please contact:

Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

December 20, 2024
US PERSONAL INCOME AND OUTLAY, NOVEMBER 2024

Month over month (November 2024 vs October 2024, seasonally adjusted)

The US Bureau of Economic Analysis reported that US personal income increased by $71.1 billion (+0.28%). Employee compensation was up $85.7 billion (+0.56%). Personal disposable income was up $61.1 billion (+0.28%) while personal consumption expenditures (PCE) grew by $81.3 billion (+0.40%).

US personal savings decreased by $17.1 billion (-1.74%).                                                                             

US personal income is calculated as the sum of employee compensation ($15.32 trillion), proprietors' income ($2.02 trillion), rental income ($1.07 trillion), receipts on assets ($3.96 trillion) and current transfers received ($4.64 trillion), less contributions to social insurance programs ($1.93 trillion). Personal income ($25.08 trillion) less personal current taxes ($3.08 trillion) equals disposable income ($22.00 trillion).

The outlay of US personal disposable income consists of personal consumption expenditures ($20.20 trillion), interest payments ($0.56 trillion) and current transfers paid ($0.28 trillion) with personal savings ($0.97 trillion) accounting for the remaining amount.

 

Trends

In November, US personal consumption expenditures growth was greater than growth in personal income.  

Growth in the price index for personal consumption expenditures (all items) rose to 2.4% year-over-year. Year-over-year growth in the price index for all items excluding food and energy stable at 2.8%, and outpaced all items PCE inflation for the 21st consecutive month.

With growth in personal income lagging consumer spending, the US personal savings rate declined to 4.4% of disposable personal income.

 

Year-to-date (January-November 2024 vs January-November 2023)

In the first eleven months of 2024, US personal income increased  by 5.5% from the same period in 2023.  There were gains from all income sources led by growth in rental income (+6.9%). With an increase in personal current taxes (+6.0%), year-to-date growth in personal disposable income (+5.47%) is slightly behind growth in total personal income (+5.53%).

US personal consumption expenditures increased by 5.3% year-to-date. This was outpaced by a 12.1% increase in interest payments.

In Jan-Nov 2024, sources of income were: employee compensation ($165.14 trillion), proprietors' income ($22.00 trillion), rental income ($11.60 trillion), receipts on assets ($43.42 trillion) and current transfers received ($49.87 trillion), less contributions to social insurance programs ($20.88 trillion). Personal income equaled $271.14 trillion. Personal current taxes were $33.24 trillion and the outlay of US personal disposable income consists of personal consumption expenditures ($217.45 trillion), interest payments ($6.05 trillion) and current transfers paid ($3.01 trillion) with personal savings ($11.39 trillion) accounting for the remaining amount.

US Bureau of Economic Analysis. Press release, November 2024; Data retrieved Federal Bank of St Louis, Table 2.6. Personal Income and Its Disposition, Monthly NIPA.

 

 



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