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

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%.

FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.