US Income and Spending Rise as Savings Fall in Late 2025

Source: Dukascopy Bank SA
U.S. personal income rose modestly in October and November 2025, according to the Bureau of Economic Analysis, in a combined report delayed by a government shutdown. Income increased by $30.6 billion in October and a stronger $80.0 billion in November, mainly supported by higher wages and dividends. Disposable income showed similar gains, though after inflation it fell slightly in October before edging higher in November.

Consumer spending was stronger than income growth in both months. Personal consumption expenditures rose 0.5% in October and November, driven by higher spending on services such as health care and financial services, as well as goods including vehicles, energy and gasoline. Because spending outpaced income, household savings declined, with the saving rate falling from 3.7% to 3.5%.



Inflation remained steady over the period. The PCE price index increased 0.2% in both months, with annual inflation rising slightly from 2.7% in October to 2.8% in November. Core inflation followed the same pattern, showing stable underlying price pressures.
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