US November personal spending +0.4% vs +0.4% expected

PCE November 2019 data

• Prior was +1.3% y/y (revised to +1.4%)
• M/M deflator +0.2% vs +0.2% expected
• Personal spending +0.4% vs +0.4% expected
• Personal income +0.5% vs +0.3% expected
• Prior income 0.0% (revised to +0.1%)

The November retail sales report was soft so there was some fear about weak spending but it held up. The rise in incomes was a good sign for spending next year as well.