Personal income rose more than expected in November while spending rose by the most in three months.
The latest report on personal income and spending showed income and spending from consumers rose 0.3% in November.
Income was expected to rise 0.2% while spending was set to rise 0.3%, the most in 3 months. The spending part of this report leaked last night.
This report also gave us the latest PCE inflation measure with “core” PCE — which is the Fed’s preferred inflation benchmark — rising 1.3% year-on-year in November, in-line with expectations.