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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Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.