U.S. personal income and spending data pointed to steady demand momentum into late 2025, according to figures released by the Bureau of Economic Analysis. Personal income rose 0.1% mom in October and 0.3% mom in November, while personal consumption expenditures increased a firm 0.5% mom in both months.
Inflation readings remained firm but controlled. The headline PCE price index rose 0.2% mom in both October and November, with the core PCE measure also increasing 0.2% mom in each month. On a year-over-year basis, headline and core PCE inflation ticked up from 2.7% in October to 2.8% in November, suggesting inflation pressures are easing only gradually.
The data, released together due to the recent government shutdown, replace reports originally scheduled for late November and December. Taken together, the figures reinforce the view that consumer demand remains robust while disinflation progress is slow.
