WASHINGTON, DC – Today, the Joint Economic Committee released its Monthly Expenditures Update including both October and November data, which replaced releases originally impacted by the lapse in appropriations. From October 2025 to November 2025, headline personal consumption expenditures (PCE) price index inflation was 0.21 percent. Core PCE price index inflation, which excludes food and energy prices, was 0.16 percent.

In the same period, spending increased while savings decreased. Real PCE increased by 0.30 percent, or $50.36 billion. Real PCE on all services increased by 0.19 percent, or $20.87 billion. Real PCE on all goods increased by 0.55 percent, or $31.51 billion, and the nominal personal savings rate decreased by 0.2 percentage points to 3.5 percent.

From November 2024 to November 2025, headline PCE price index inflation was 2.77 percent, which is higher than the Federal Reserve’s target of 2 percent, and core PCE price index inflation was 2.79 percent.

Month-over-month, headline personal income increased by 0.30 percent, or $79.97 billion, while real disposable personal income per capita increased by 0.02 percent, which means that after tax income rose more quickly than prices.

For the full Monthly Expenditures Update, visit: https://www.jec.senate.gov/public/index.cfm/republicans/expenditures-update

Additionally, the Joint Economic Committee released its revised Gross Domestic Product (GDP) Update of Q3 2025. Real GDP growth was revised upward by 0.03 percentage points to 4.38 percent annualized. Current-dollar GDP growth was revised upward by 0.04 percentage points to 8.28 percent annualized, or $612.298 billion, to a level of $31.098 trillion, the current size of the U.S. economy.

For the full GDP Update, visit: https://www.jec.senate.gov/public/index.cfm/republicans/gdp-update

###