Monday, March 2, 2015

Consistent Personal Income Growth, Decreased Consumption

Personal income increased $50.8 billion, or 0.3%, in January according to the Bureau of Economic Analysis, consistent with the previous month. Personal consumption expenditures (PCE) decreased $18.9 billion, or 0.3%, after a 0.3% decrease in December.

Disposable personal income — personal income less personal current taxes — increased $52.6 billion, or 0.4% in January.

The personal savings rate rose 0.5 percentage points to 5.5%.

The price index for PCE decreased 0.5% in January, compared with a 0.2% decrease in December. The PCE price index, excluding food and energy, increased 0.1%, compared with an increase of less than 0.1% the previous month.

Private wages and salaries increased $39.7 billion in January, compared with an increase of $7.2 billion in December. Goods-producing industries’ payrolls increased $6.6 billion, service-producing industries’ payrolls increased $33.3 billion and government wages and salaries increased $2.5 billion.

Proprietors’ income decreased $12.8 billion, in contrast to an increase of $13.5 billion in December.

Read the BEA release.

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