Monday, February 2, 2015

Personal Income Increased, Expenditures Decreased

Personal income increased $41.3 billion, or 0.3%, in December according to the Bureau of Economic Analysis, compared to a 0.3% increase the previous month. Personal consumption expenditures (PCE) decreased $40.0 billion, or 0.3% in December, after a 0.5% increase in November.

Disposable personal income — personal income less personal current taxes — increased $35.8 billion, or 0.3% in December.

The personal savings rate rose 0.6 percentage points to 4.9%.

The price index for PCE decreased 0.2% in December, consistent with November. The PCE price index, excluding food and energy, was unchanged for the second consecutive month.

Private wages and salaries increased $4.9 billion in December, compared with an increase of $40.6 billion in November. Goods-producing industries’ payrolls decreased $2.5 billion, manufacturing payrolls decreased $2.4 billion, service-producing industries’ payrolls increased $7.4 billion and government wages and salaries increased $1.9 billion.

Supplements to wages and salaries increased in December, rising $3.3 billion, compared with an increase of $5.6 billion in November. Proprietors’ income increased $12.8 billion, in contrast to a decrease of $3.3 billion in November.

Read the BEA release.

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