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Personal Income and Outlays, February 2020

Summary:
Personal income increased 6.8 billion (0.6 percent) in February according to estimates released today by the Bureau of Economic Analysis (table 3 and table 5). Disposable personal income (DPI) increased .7 billion (0.5 percent) and personal consumption expenditures (PCE) increased .7 billion (0.2 percent). Real DPI inincreased 0.4 percent in February and Real PCE increased 0.1 percent (table 5 and table 7). The PCE price index increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.2 percent (table 9).   2019 2020 Oct. Nov. Dec. Jan. Feb. Percent change from preceding month Personal income:        Current dollars 0.1 0.5 0.2 0.6 0.6 Disposable personal income:        Current dollars 0.0 0.4

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Personal income increased $106.8 billion (0.6 percent) in February according to estimates released today by the Bureau of Economic Analysis (table 3 and table 5). Disposable personal income (DPI) increased $88.7 billion (0.5 percent) and personal consumption expenditures (PCE) increased $27.7 billion (0.2 percent).

Real DPI inincreased 0.4 percent in February and Real PCE increased 0.1 percent (table 5 and table 7). The PCE price index increased 0.1 percent. Excluding food and energy, the PCE price index increased 0.2 percent (table 9).

  2019 2020
Oct. Nov. Dec. Jan. Feb.
Percent change from preceding month
Personal income:  
     Current dollars 0.1 0.5 0.2 0.6 0.6
Disposable personal income:  
     Current dollars 0.0 0.4 0.2 0.6 0.5
     Chained (2012) dollars -0.1 0.4 -0.1 0.5 0.4
Personal consumption expenditures (PCE):  
     Current dollars 0.3 0.3 0.4 0.2 0.2
     Chained (2012) dollars 0.1 0.2 0.1 0.1 0.1
Price indexes:  
     PCE 0.2 0.1 0.3 0.1 0.1
     PCE, excluding food and energy 0.1 0.1 0.2 0.2 0.2
Price indexes: Percent change from month one year ago
     PCE 1.3 1.3 1.6 1.8 1.8
     PCE, excluding food and energy 1.6 1.5 1.6 1.7 1.8

The increase in personal income in February primarily reflected increases in compensation of employees and farm proprietors’ income (table 3). Farm proprietors’ income increased $34.1 billion in February, which included an increase in subsidy payments associated with the Department of Agriculture’s Market Facilitation Program.

The $13.0 billion increase in real PCE in February reflected a $18.3 billion increase in spending for services that was partly offset by a decrease of $7.7 billion in spending for goods (table 7). Within services, the leading contributor to the increase was spending on electricity and gas. Within goods, the leading contributors to the decrease were spending on motor vehicles and parts as well as recreational goods and vehicles. Detailed information on monthly real PCE spending can be found on Table 2.3.6U.

Personal outlays increased $28.4 billion in February (table 3). Personal saving was $1.38 trillion and the personal saving rate, personal saving as a percentage of disposable personal income, was 8.2 percent (table 1).

Updates to Personal Income and Outlays

Estimates have been updated for October through January. 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
December January
Previous Revised Previous Revised Previous Revised Previous Revised
(Billions of dollars) (Percent) (Billions of dollars) (Percent)
Personal income:  
     Current dollars 28.2 34.0 0.1 0.2 116.5  115.8 0.6 0.6
Disposable personal income:  
     Current dollars 21.0 25.6 0.1 0.2 101.4 98.8 0.6 0.6
     Chained (2012) dollars -18.9 -17.5 -0.1 -0.1 76.2 68.1 0.5 0.5
Personal consumption expenditures:  
     Current dollars 54.8 54.6 0.4 0.4 29.6 34.0 0.2 0.2
     Chained (2012) dollars 16.0 13.3 0.1 0.1 12.9 11.9 0.1 0.1

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