Personal and Disposable Income Up, but Personal Consumption Expenditures Down in December
Personal Income and Outlays, December 2022
The US Bureau of Economic Analysis (BEA) reported on Friday (1-27-23) that according to their estimates, personal income (PI) increased $49.5 billion, or 0.2%, in December. Disposable personal income (DPI) increased $49.2 billion, or 0.3%, and personal consumption expenditures (PCE) decreased $41.6 billion, or 0.2%.
The PCE price index increased 0.1%. Excluding food and energy, the PCE price index increased 0.3%. Real DPI increased 0.2% and real PCE decreased 0.3%; goods decreased 0.9% and services were unchanged.
Year-over-year, the PCE price index for December increased 5.0%, reflecting prices for goods increasing 4.6%, and the prices for services increasing 5.2%. Food prices increased 11.2%, and energy prices increased 6.9%. Excluding food and energy, the PCE price index increased 4.4% from one year ago.
Personal outlays decreased $39.2 billion in December. Personal saving was $637.5 billion, and the personal saving rate—personal saving as a percentage of disposable personal income—was 3.4%.
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