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Personal Income and Outlays, January 2020

Summary:
Personal income increased 6.5 billion (0.6 percent) in January according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased 1.4 billion (0.6 percent) and personal consumption expenditures (PCE) increased .6 billion (0.2 percent). Real DPI increased 0.5 percent in January and Real PCE increased 0.1 percent. The PCE price index increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.1 percent.   2019 2020 Sep. Oct. Nov. Dec. Jan. Percent change from preceding month Personal income:        Current dollars 0.2 0.1 0.5 0.1 0.6 Disposable personal income:        Current dollars 0.3 0.0 0.4 0.1 0.6      Chained (2012) dollars 0.3

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Personal income increased $116.5 billion (0.6 percent) in January according to estimates released today by the Bureau of Economic Analysis. Disposable personal income (DPI) increased $101.4 billion (0.6 percent) and personal consumption expenditures (PCE) increased $29.6 billion (0.2 percent).

Real DPI increased 0.5 percent in January and Real PCE increased 0.1 percent. The PCE price index increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.1 percent.

  2019 2020
Sep. Oct. Nov. Dec. Jan.
Percent change from preceding month
Personal income:  
     Current dollars 0.2 0.1 0.5 0.1 0.6
Disposable personal income:  
     Current dollars 0.3 0.0 0.4 0.1 0.6
     Chained (2012) dollars 0.3 -0.1 0.4 -0.1 0.5
Personal consumption expenditures (PCE):  
     Current dollars 0.2 0.2 0.3 0.4 0.2
     Chained (2012) dollars 0.2 0.0 0.2 0.1 0.1
Price indexes:  
     PCE 0.0 0.2 0.1 0.3 0.1
     PCE, excluding food and energy 0.1 0.1 0.1 0.2 0.1
Price indexes: Percent change from month one year ago
     PCE 1.3 1.3 1.3 1.5 1.7
     PCE, excluding food and energy 1.7 1.6 1.5 1.5 1.6

Quarterly Census of Employment and Wages Included in the Third Quarter of 2019

This release includes revised estimates of wages and salaries, personal taxes, and contributions for government social insurance for July through September 2019 (third quarter). These estimates reflect the incorporation of new third-quarter data from the Bureau of Labor Statistics’ Quarterly Census of Employment and Wages.

The increase in personal income in January primarily reflected increases in compensation of employees and social security benefit payments (related to annual cost of living adjustments), and other government social benefits to persons, which includes the Affordable Care Act refundable tax credit (table 3).

The $12.9 billion increase in real PCE in January reflected increases of $2.2 billion in spending for goods and $10.3 billion in spending for services (table 7). Within goods, new motor vehicles was the leading contributor to the increase. Within services, the largest contributor to the increase was spending for food services and accommodations. Detailed information on monthly real PCE spending can be found on Table 2.3.6U.

Personal outlays increased $27.0 billion in January (table 3). Personal saving was $1.33 trillion in January, and the personal saving rate, personal saving as a percentage of disposable personal income, was 7.9 percent (table 1).

Updates

Estimates have been updated for July through December 2019. Revised and previously published changes from the preceding month for current-dollar personal income, and for current-dollar and chained (2012) dollar DPI and PCE, are shown below.

  Change from preceding month
November December
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal income:  
     Current dollars 84.1 85.8 0.4 0.5 40.7 28.2 0.2 0.1
Disposable personal income:  
     Current dollars 70.0 71.8 0.4 0.4 30.6 21.0 0.2 0.1
     Chained (2012) dollars 47.8 52.7 0.3 0.4 -12.1 -18.9 -0.1 -0.1
Personal consumption expenditures:  
     Current dollars 65.3 45.6 0.4 0.3 46.6 54.8 0.3 0.4
     Chained (2012) dollars 45.3 30.3 0.3 0.2 6.8 16.0 0.1 0.1

Next release: March 27, 2020 at 8:30 A.M. EDT
Personal Income and Outlays: February 2020

Bureau of Economic Analysis
The BEA Advisory Committee advises the Director of BEA on matters related to the development and improvement of BEA’s national, regional, industry, and international economic accounts, especially in areas of new and rapidly growing economic activities arising from innovative and advancing technologies, and provides recommendations from the perspectives of the economics profession, business, and government.

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