EMBARGOED UNTIL RELEASE AT 10:00 A.M. EST, TUESDAY, DECEMBER 23, 2014
BEA 14-66


* See the navigation bar at the right side of the news release text for links to data tables,
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James Rankin (202) 606-5301 (Personal Income) piniwd@bea.gov
Harvey Davis (202) 606-5302 (Personal Consumption Expenditures) pce@bea.gov
Jeannine Aversa (202) 606-2649 (News Media)
PERSONAL INCOME AND OUTLAYS: NOVEMBER 2014
Personal income increased $54.4 billion, or 0.4 percent, and disposable personal income (DPI) increased $42.4 billion,
or 0.3 percent, in November, according to the Bureau of Economic Analysis.  Personal consumption expenditures (PCE)
increased $67.9 billion, or 0.6 percent.  In October, personal income increased $49.8 billion, or 0.3 percent, DPI
increased $39.7 billion, or 0.3 percent, and PCE increased $31.3 billion, or 0.3 percent, based on revised estimates.

Real DPI increased 0.5 percent in November, compared with an increase of 0.3 percent in October.  Real PCE increased
0.7 percent, compared with an increase of 0.2 percent.   The price index for PCE decreased 0.2 percent, in contrast
to an increase of less than 0.1 percent.

                                        2014
                                        July            Aug.            Sept.           Oct.            Nov.
                                                       (Percent change from preceding month)
Personal income, current dollars        0.2             0.3             0.2             0.3             0.4
Disposable personal income:
 Current dollars                        0.2             0.3             0.1             0.3             0.3
 Chained (2009) dollars                 0.1             0.3             0.1             0.3             0.5
Personal consumption expenditures:
 Current dollars                        0.2             0.6             0.2             0.3             0.6
 Chained (2009) dollars                 0.1             0.7             0.2             0.2             0.7

FOOTNOTE._________
Monthly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Month-to-month
dollar changes are differences between these published estimates.  Month-to-month percent changes are calculated from
unrounded data and are not annualized.  Real estimates are in chained (2009) dollars.

This news release is available on BEA's Web site at www.bea.gov/newsreleases/rels.htm.
__________________

                                Wages and salaries

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.

                                Other personal income

Supplements to wages and salaries increased $5.4 billion in November, compared with an increase of $4.3 billion in October.

Proprietors' income increased $7.6 billion in November, compared with an increase of $18.8 billion in October.  Farm proprietors'
income increased $3.2 billion, compared with an increase of $3.3 billion.  Nonfarm proprietors' income increased $4.4 billion,
compared with an increase of $15.5 billion.

Rental income of persons increased $0.5 billion in November, compared with an increase of $0.8 billion in October.  Personal
income receipts on assets (personal interest income plus personal dividend income) increased $5.6 billion, compared with an
increase of $3.6 billion.  Personal current transfer receipts decreased $0.1 billion, compared with a decrease of $0.5 billion.

Contributions for government social insurance -- a subtraction in calculating personal income --  increased $5.3 billion in November,
compared with an increase of $3.2 billion in October.

                                Personal current taxes and disposable personal income

Personal current taxes increased $12.0 billion in November, compared with an increase of $10.1 billion in October.
Disposable personal income (DPI) -- personal income less personal current taxes -- increased $42.4 billion, or 0.3 percent, in November,
compared with an increase of $39.7 billion, or 0.3 percent, in October.

                                Personal outlays and personal saving

Personal outlays -- PCE, personal interest payments, and personal current transfer payments -- increased $67.7 billion in November,
compared with an increase of $31.2 billion in October.  PCE increased $67.9 billion, compared with an increase of $31.3 billion.

Personal saving -- DPI less personal outlays -- was $576.5 billion in November, compared with $601.7 billion in October.
The personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.4 percent in November,
compared with 4.6 percent in October.  For a comparison of personal saving in BEA's national income and product accounts
with personal saving in the Federal Reserve Board's financial accounts of the United States and data on changes in net worth,
go to www.bea.gov/national/nipaweb/nipa-frb.asp.

                                Real DPI, real PCE, and price index

Real DPI -- DPI adjusted to remove price changes -- increased 0.5 percent in November, compared with an increase of 0.3 percent in October.

Real PCE -- PCE adjusted to remove price changes -- increased 0.7 percent in November, compared with an increase of 0.2 percent in October.
Purchases of durable goods increased 2.3 percent, compared with an increase of 0.4 percent.  Purchases of motor vehicles and parts accounted
for about half of the increase in November.  Purchases of nondurable goods increased 1.0 percent in November, compared with an increase
of 0.1 percent in October.  Purchases of services increased 0.4 percent, compared with an increase of 0.2 percent.

The price index for PCE decreased 0.2 percent in November, in contrast to an increase of less than 0.1 percent in October.
The PCE price index, excluding food and energy, increased less than 0.1 percent, compared within an increase of 0.2 percent.

The November price index for PCE increased 1.2 percent from November a year ago. The November PCE price index, excluding food and energy,
increased 1.4 percent from November a year ago.

                                Revisions

Estimates have been revised for July through October.  Changes in personal income, in current-dollar and
chained (2009) dollar DPI, and in current-dollar and chained (2009) dollar PCE for September and October --
revised and as published in last month's release -- are shown below.

                                                                Change from preceding month
                                        September                                 October
                                        Previous   Revised   Previous   Revised   Previous   Revised   Previous   Revised
                                       (Billions of dollars)      (Percent)      (Billions of dollars)      (Percent)
Personal income:
 Current dollars                            24.6      25.9        0.2       0.2       32.9      49.8        0.2       0.3
Disposable personal income:
 Current dollars                            17.2      17.9        0.1       0.1       23.4      39.7        0.2       0.3
 Chained (2009) dollars                      6.4       7.8        0.1       0.1       14.7      30.5        0.1       0.3
Personal consumption expenditures:
 Current dollars                             4.1      27.6        0.0       0.2       27.3      31.3        0.2       0.3
 Chained (2009) dollars                     -5.0      17.5        0.0       0.2       19.0      23.3        0.2       0.2

BEA's national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are
available without charge on BEA's Web site at www.bea.gov.  By visiting the site, you can also subscribe to free e-mail
summaries of BEA releases and announcements.

                                *       *       *

Next release  February 2, 2015 at 8:30 A.M. EST for Personal Income and Outlays for December

Release Dates for 2015

December 2014....February 2     April 2015..June 1             August 2015.....September 28
January 2015.....March 2        May 2015....June 25            September 2015..October 30
February 2015....March 30       June 2015...August 3           October 2015....November 25
March 2015.......April 30       July 2015...August 28          November 2015...December 23