Americans earned, spent and saved more in November than the month before, the Commerce Department reports.
Personal income increased $13.5 billion last month to an annual rate of $4.7 trillion after decreasing by $800 million the month before.Personal spending also increased, gaining $5.8 billion last month to an annual rate of $3.8 trillion. In October, spending increased a scant $300 million.
Savings also increased to $154.9 billion from $149.3 billion in October.
The government said last month's income gain included a large increase in subsidy payments to farmers. Without those payments, income levels were about the same as the month before.
Overall wages and salaries decreased by $3.9 billion in November after falling $15.3 billion the month before. Payrolls of commodity-producing industries fell by $10.8 billion after decreasing $5.6 billion the month before.
Manufacturing payrolls, trimmed by layoffs in several industries, fell $9.2 billion after a decline of $2.6 billion in October. But payrolls for distributors rose $1.2 billion after falling $7 billion in October.
Service industries also posted a payroll gain, with wages rising $3.2 billion after falling $5 billion the month before.
Government wages and salaries increased $2.3 billion after rising $2.4 billion in October.
Farmers' income increased $13.9 billion in November after gaining $2. 4 billion in October. Federal subsidies to farmers rose $13.1 billion after gaining $1.6 billion the month before. Excluding these payments, farmers' income increased by $800 million each month.
Non-farm proprietors' income rose $600 million last month after falling $200 million in October. Rental incomes fell $1.7 billion after rising $400 million in the previous month.
Personal interest income increased by $1 billion in November after gaining $1.2 billion the month before.
Personal tax and non-tax payments rose $2 billion last month after falling $200 million in October.
Disposable personal income, which includes income after taxes, increased by $11.4 billion after falling $600 million in October.