Personal Income, Disposable Income, and Personal Consumption Expenditures All Up in February

The US Bureau of Economic Analysis (BEA) reported on Friday (3-31-23) that, according to its estimates, personal income (PI) increased $72.9 billion, or 0.3%, in February. Disposable personal income (DPI) increased $89.9 billion, or 0.5%, and personal consumption expenditures (PCE) increased $27.9 billion, or 0.2%.

The PCE price index increased 0.3% in February. Excluding food and energy, the PCE price index increased 0.3%. Real DPI increased 0.2%, and real PCE decreased 0.1%; goods and services each decreased 0.1%.

Year-over-year, the PCE price index for February increased 5.0%. The increase reflects prices for goods increasing 3.6% and prices for services increasing 5.7%. Food prices increased 9.7%, and energy prices increased 5.1%. Excluding food and energy, the PCE price index increased 4.6% from one year ago.

Personal outlays increased $40.7 billion in February. Personal saving was $915.8 billion in February, and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.6%.

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