The Commerce Department released a report on Wednesday showing a steep drop in U.S. personal income in the month of November.
The report said personal income slumped by 1.1 percent in November after falling by a revised 0.6 percent in October.
Economists had expected personal income to dip by 0.3 percent compared to the 0.7 percent drop originally reported for the previous month.
Disposable personal income, or personal income less personal current taxes, also tumbled by 1.2 percent in November following a 0.7 percent decrease in October.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.