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WEDNESDAY December 24, 2008 CONSUMER SPENDING TURNS UP IN NOVEMBER Personal income fell 0.2 percent in November after rising 0.1 percent in October. Wages and salaries, the largest component of personal income, fell 0.1 percent after increasing 0.1 percent in October. Real disposable personal income (DPI), income adjusted for inflation and taxes, rose 1.0 percent in November after rising 0.7 percent in October. Real consumer spending (adjusted for price changes) increased 0.6 percent in November after decreasing 0.5 percent in October. Purchases of trucks increased. Purchases of gas increased, reflecting price reductions. PCE prices fell 1.1 percent in November. Excluding food and energy, price growth was flat in November. Average growth, last 12 months Personal Income 0.2 % 0.1 % –0.2 % Real DPI 0.1 % 0.7 % 1.0 % –0.1 % –0.5 % 0.6 % 0.1% –0.5 % –1.1 % Real PCE PCE Prices 12-month average Personal saving as a percent of disposable income was 2.8 percent in November. October November Personal Saving Rate 1.4% October November 2.4 % 2.8 % Real Disposable Personal Income and Real Consumer Spending 2.0 Percent change (monthly) 1.5 1.0 Real Disposable Personal Income 0.5 0.0 -0.5 -1.0 Real Consumer Spending -1.5 -2.0 Aug Sept Oct Nov BEA data—including GDP, personal income, the balance of payments, foreign direct investment, the input-output accounts, and economic data for states, local areas, and industries—are available on the BEA Web site: www.bea.gov. E-mail alerts are also available. NOTE: On February 2, 2009, the December estimates of Personal Income and Outlays will be released. Contact: Ralph Stewart 202–606–2649 Bureau of Economic Analysis, U.S. Department of Commerce