Personal Income, Disposable Income, and Personal Consumption Expenditures All Up in January
Personal Income and Outlays, January 2023
The US Bureau of Economic Analysis (BEA) reported on Friday (2-24-23) that according to its estimates, personal income (PI) increased $131.1 billion, or 0.6%, in January. Disposable personal income (DPI) increased $387.4 billion, or 2.0%, and personal consumption expenditures (PCE) increased $312.5 billion, or 1.8%.
The PCE price index increased 0.6% in January. Excluding food and energy, the PCE price index increased 0.6%. Real DPI increased 1.4% and real PCE increased 1.1%; goods increased 2.2% and services increased 0.6%.
Year-over-year, the PCE price index for January increased 5.4%, reflecting prices for goods increasing 4.7% and prices for services increasing 5.7%. Food prices increased 11.1% and energy prices increased 9.6%. Excluding food and energy, the PCE price index increased 4.7% from one year ago.
Personal outlays increased $326.8 billion in January. Personal saving was $918.8 billion, and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.7%.
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