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THURSDAY January 31, 2008 CONSUMER SPENDING UNCHANGED IN DECEMBER Average growth, last 12 months Personal income rose 0.5 percent in December, after increasing 0.4 percent in November. Wages and salaries, the largest component of personal income, increased 0.4 percent, after increasing 0.6 percent in November. Real disposable personal income (DPI), income adjusted for inflation and taxes, increased 0.2 percent in December, after decreasing 0.2 percent in November. Real consumer spending was unchanged, in part reflecting reduced spending on electricity and clothing. In November, consumer spending increased 0.4 percent. November December Personal Income 0.5% 0.4% 0.5% Real DPI 0.2% –0.2% 0.2% Real PCE 0.2% 0.4% 0.0% PCE Prices 0.3% 0.6% 0.2% Prices, as measured by the personal consumption expenditures price index (PCE), increased 0.2 percent in December, compared with a 0.6 percent increase in November. 12-month average November December Personal Saving Rate Personal saving as a percent of disposable personal income was 0.2 percent in December. 0.0% 0.5% 0.2% Real Disposable Personal Income and Real Consumer Spending Percent change (monthly) 1.0 0.5 0.0 -0.5 -1.0 Dec Jan Feb Mar Apr May Real Disposable Personal Income Jun Jul Aug Sept Oct Nov Dec Real Consumer Spending BEA data—including GDP, personal income, the balance of payments, foreign direct investment, the input-output accounts, and economic data for states, local areas, and industries—are available on the BEA Web site: www.bea.gov. E-mail alerts are also available. NOTE: On February 29, 2008, the January estimates of Personal Income and Outlays will be released. Contact: Ralph Stewart 202–606–2649 Bureau of Economic Analysis, U.S. Department of Commerce