02:35 PM EST, 12/20/2024 (MT Newswires) -- Personal income was up 0.3% in November, below expectations, with a 0.6% gain in wage and salaries and a small uptick in proprietors' income partially offset by declines in return on assets and transfer receipts.

Personal consumption expenditures rose by 0.4% in November after a 0.3% increase in October, below expectations. Spending on both goods and services improved in the month.

After an adjustment for a 0.1% increase in the PCE price index, real consumption was up 0.3% in November after a 0.1% increase in October. The year-over-year rate for the overall price index rose to 2.4% from 2.3%

Core PCE prices rose by 0.1% in the month, slower than a 0.2% gain expected and a 0.3% gain in the previous month, keeping the year-over-year rate at 2.8%.

The University of Michigan consumer sentiment index for December was unrevised at a reading of 74.0, compared with expectations for a small upward adjustment to 74.2, remaining well above the November reading of 71.8. Optimism about the economy was split across political party lines. Michigan said that inflation expectations were higher for the one-year horizon but lower for the five-year horizon.

The Kansas City Fed's services index fell to 2 in December from 9 in November. Other regional services data already released have been mixed.

State-level from the BLS showed that the unemployment rate rose in six states in November, fell in one and held steady elsewhere.

The largest unemployment rate gains were in Maine, Alabama and Mississippi, where they increased by 0.2 percentage points. South Dakota had the lowest rate at 1.9% while Nevada had the highest at 5.7%.

The Q4 GDPnow estimate from the Atlanta Fed is for a 3.1% gain, revised down from a 3.2% gain reported on Wednesday. The next update is scheduled for Dec. 24.

The St. Louis Fed's GDP nowcast estimate for Q4 is for a 1.48% gain, revised up from a 1.33% increase in the previous estimate.